Well the time is nearly here for … making tax digital! Yes Brexit is happening at pretty much the same time as well but we cannot help much on this.
This month we’re going to do some quick fire questions and answers for those of you still unsure on making tax digital:
What is it?
HMRC are introducing a new way in which VAT returns are going to be filed for those impacted meaning that traditional methods of submitting through the HMRC portal as you may have done previously will be removed.
When does it come in?
It comes in for VAT periods starting on or after 1 April 2019.
Who does it impact?
It impacts all VAT-registered businesses whose turnover exceeds the current VAT registration threshold of £85,000.
What can I do about it/what is Graeme Tennick & Co Chartered Certified Accountants doing about it?
Well we’ve been working on this for over 12 months and the majority of our clients; bar a handful, are now already compliant.
We have and continue to assess those clients impacted by this and are putting in place tailored solutions along with training when required.
What is the cost of this?
The cost varies from client to client but based on some of the efficiencies we are seeing with the technology introduced so far; which we are passing on to clients, we are finding that it is less than most monthly mobile phone contracts.
Which software are we recommending to clients and can I move across from a different piece of software?
We are recommending Xero to the majority of our clients with odd exceptions and we can handle the transition as well from other software here in-house.
If I move from other software what happens with my data?
We can move the current and prior year financial data from most major accountancy software providers onto Xero as part of a tailored transition exercise. We can also upload customer and supplier information.
Is any training provided?
Yes we offer personalised and group training sessions on Xero.
Is there still time to put something in place if I haven’t yet done anything?
Yes there is still time but I wouldn’t hang on too long as 1 April 2019 is fast approaching.
Can I do this myself?
By all means yes you can do this yourself but we are given partner discounts on the software which we can pass on to you to save you money and time in implementing.
What are the penalties going to be of non-compliance?
We are advised that there will be a ‘soft’ implementation of this but there will be penalties for non-compliance for which we understand is still yet to be finalised.
To help you out with making tax digital why not come along to our free event at Gosforth Racecourse; the details of which are below:
Date: Wednesday 13th March
Venue: Newcastle Racecourse, High Gosforth Park, Newcastle upon Tyne NE3 5HP
Event: 9:30am – 12.30pm
To book just get in touch and even anybody else you know who might find this of interest is welcome to attend.
CLIENT APPRECIATION EVENT
Does This Sound Familiar:
Do you get fed up trying to find a regular stream of new clients so that it stands out from the crowd?
Does your marketing never work as well as you want it to?
Are you unsure how to market your business to get to the next level?
Does the thought of cold calling and selling send a shudder down your spine?
If you’re like many business owners, you are probably wondering how to market your business to find regular new customers and to increase sales.
Why not contact us today to book onto this free masterclass being ran on 28 March 2019. Limited spaces available.