New Forest

14/07/2017

Digital Accounting Update

The way you pay your tax return will soon change under Making Tax Digital (MTD), which requires businesses, self-employed people and landlords to use digital accounting software to update HMRC on a quarterly basis.

MTD is due to be phased in from April 2018, although businesses with an annual turnover below the VAT threshold (£85,000 in 2017/18) are exempt until April 2019.

If your annual turnover is less than £10,000 you will not need to make quarterly updates.

It would be best to get in touch with an accountant to discuss how MTD may impact your reporting obligations.

Latest Tweets

The Government has updated its information about the Eat Out to Help Scheme and you can get more help with registration, eligibility and how to offer the discount for the Scheme here:

https://lnkd.in/gR6yEMX

The New VAT Flat Rate Scheme percentages from 15 July until 12 January have been announced, which include:
•Catering 4.5%
•Pubs 1%
•Hotels and accommodation 0%

See: https://lnkd.in/dTnmU7p

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