40 per cent of small businesses that will be affected by Making Tax Digital (MTD) are not yet aware of it.
According to research by ICAEW, despite the April 2019 deadline for the introduction of MTD, 40 per cent of business don’t know about the changes and 20 per cent have made no preparations at all.
Whilst a number of businesses are now using accounting software, the survey shows that a quarter are still using a paper-based accounting system which will not be permissible for MTD for VAT.
From 1 April 2019, MTD for VAT will become compulsory for VAT-registered businesses making annual taxable supplies of over £85,000. New rules will make digital record keeping for VAT compulsory, as well as introducing a new requirement to file VAT returns directly from software.
The Institute’s research does however show that a number of businesses are turning to their accountants or tax adviser to deal with the changes on their behalf.
Growing businesses often don’t have the time or resource to set up a full accounting function within the business. That’s why, at Beavis Morgan, we offer the capability to outsource your finance department to us. We will take care of your day-to-day accounting needs and provide you with a single point of contact, so that you can focus on what you do best – growing and managing your business.
We will also help you navigate any potential pitfalls and ensure all your accounting, financial and bookkeeping needs are managed from one place, so you don’t have to worry about acting as the go-between for your accountant and bookkeeper.
- You will never need to worry about missing a VAT deadline, or the complexities of running payroll.
- You will have access to accurate, reliable and timely financial information when you need it, whether that be profit or cash focused, or both, to accurately and effectively manage the company’s finances and drive growth.
- Our business experts will work with you to identify your requirements and then design and implement a system that will provide all the information you need, within a cost effective and efficient framework.
In turn, if you have any concerns regarding your tax return or other related matters, our experts at Beavis Morgan are available to assist. We take the hassle of dealing with HMRC away from you, so you don’t need to deal directly with them.
Contact your usual Beavis Morgan Partner for further information and assistance.