Making Tax Digital - How can Kilby Fox help your business?

Posted by on 20 June 2017 | 0 Comments

By now, you should be aware that the system for making Returns to HM Revenue & Customs is changing, with more frequent reporting and the requirement to maintain records in a digital format – Making Tax Digital (MTD). By 2020, HMRC expects every individual and business to have access to a digital tax account and the annual Tax Return will have been abolished.

 

The reality is that many businesses do not currently maintain their accounting records using accounting software. These businesses will see the biggest change. Those that do use accounting software, will also have to consider what additional procedures they will need to put in place to accommodate the changes. As a result, all business owners will need to consider the options available to enable them to meet the requirements being imposed by HMRC. However, one way or another, there will be additional costs, and time, involved in the transition, and then annually.

 

In order to provide the best possible assistance to you, the team at Kilby Fox have reviewed the accounting software providers’ offerings and have ensured that our staff are fully trained to be able to support the transition, and provide ongoing assistance in a variety of ways, tailored to your requirements. This could involve:

-          Recommending accounting software to best meet your requirements

-          Provision of training on the selected software package

-          Reviewing quarterly information, maintained by you, prior to submission to HMRC

-          Providing bookkeeping assistance, from information provided to us, and submitting the quarterly Returns. This can be carried out in our offices or at your place of work

-          Being available to provide ad-hoc assistance, should the need arise

 

Whilst Making Tax Digital (MTD) will not come into place until after April 2018, you should now be considering how you will meet the challenge and getting in touch with us as soon as possible to help create a plan of action that works for you. Please contact Martin Crooke on 01604 662670 or by email martincrooke@kilbyfox.co.uk to see how Kilby Fox can help you. 


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