Local businesses need to prepare for imminent changes in the tax system

Worrying new research published in Accountancy Age has revealed that with less than two months to go until ‘Making Tax Digital’ becomes mandatory on 01 April, just 57 per cent of UK businesses are expected to be ready for the change.

To help get businesses Making Tax Digital-ready, local Chartered Accountancy firm Simpkins Edwards is staging a series of free “What You Need To Know” seminars. Events will take place on:

  • 26 February at Dainton Park Golf Club with NatWest,10.30am-12pm
  • 28 February at Holsworthy Golf Course, 12-2pm
  • 01 March at Simpkins Edwards‘ office in Barnstaple, 12-2pm (Millennium House, Brannam Crescent, Roundswell Business Park, EX31 3TD)
  • 07 March at The Ockment Centre in Okehampton, 12-2pm
  • 08 March at Simpkins Edwards‘ office in Exeter, 2-4pm (Michael House, Castle Street, EX4 3LQ)

The events will explain the requirements and the timescales involved with Making Tax Digital, and will include demonstrations of cloud accounting software including Quickbooks Online, Xero and Sage Business Cloud.  The joint event with NatWest on 26 February will include a demonstration of NatWest’s FreeAgent software, which is available free to its business customers.

Coming into effect from 01 April 2019, 2.6 million businesses that sit above the VAT threshold of £85,000 will be required to keep and maintain digital records, ideally through cloud accounting software. Businesses will also have to submit VAT returns through ‘Application Programming Interface’ enabled software to HMRC, rather than using the existing HMRC VAT portal. Businesses failing to go digital will fall foul of HRMC’s new requirements, rendering some unable to claim VAT refunds.

Commenting on the events Sebastian Beard, Partner at Simpkins Edwards, said: “The seminars follow our highly popular series of Making Tax Digital events in 2018 and have been created to help businesses understand and prepare for the imminent April 2019 Making Tax Digital deadline. They will outline practical steps that businesses need to take and will provide a vital insight into how using digital software can help businesses stay in control of their finances; providing a clear view of the financial health of a business in real time and its future cashflow.”

To book your place visit Simpkins Edwards’ events page, which can be found at www.simpkinsedwards.co.uk.

Simpkins Edwards offers a personal and tailored approach to accountancy, tax and business advice from offices in Exeter, Okehampton, Holsworthy, Bovey Tracey, Barnstaple and Honiton.  Market offices are available at The Exeter Livestock Centre, Holsworthy Market and The Amory Centre, South Molton on market days.

Directors of Cofton Holidays