Making Tax Digital
Making Tax Digital (MTD) is a fundamental change and digital transformation of the UK tax system. The aim of the system is to move away from manual accounting and towards digital record keeping to improve efficiency.
From April 2019, VAT registered businesses with a turnover above the VAT threshold of £85,000 will need to maintain their accounts digitally and submit VAT returns electronically through MTD compliant software. Paper based record keeping will no longer be acceptable under the new legislation.
This means that VAT registered businesses need to act now to ensure they are compliant with the new changes. This also applies to businesses that are likely to reach the VAT threshold within the next year. Eventually the changes will be applied to all businesses but this will not happen before 2021.
With one in five businesses still in the dark over Making Tax Digital, we have put together a free workshop run by an accounting specialist that will give you everything you need to know to prepare your business for the changes under MTD.
The workshop will cover:
- An introduction to Making Tax Digital
- Timeline for MTD and deadlines for VAT submissions
- Who is and isn’t required to submit VAT returns under the new system
- Software options, costs and how to choose compliant accounting software
- An in-depth, practical demonstration of one HMRC approved software option
- Required steps to comply with MTD and penalties for non-compliance
- Q & A session
Attendance is free but places are limited so please register early to avoid disappointment.
Date: 5th June 2019
Time: 9.30am to 12.30pm
Location: Okehampton Business Centre, Unit 10, Higher Stockley Mead, Okehampton, EX20 1FJ
To be eligible to attend this free workshop you need to be based in one of the following local council areas: East Devon, Mid Devon, West Devon, South Hams, Teignbridge or Exeter. If you are unsure, you can check by entering your postcode into the Government Council Checker. You can find further details about the eligibility criteria here. Please note that agricultural businesses are not eligible to attend this free workshop under this funded support.
To bring with you:
If you are currently trading you must bring with you a copy of your Unique Taxpayer Reference (UTR) Number that you will have received when you registered with HMRC. We need this to show our funders that you are operating a real business so that we can provide the support at no cost to you.
There will also be some forms that you need to complete and bring along with you to the workshop. Full details will be sent out in your confirmation email.
For more information about where to find your UTR number and details of the forms you will need to complete and bring with you, please click here.
If you have any questions about the eligibility criteria or information you need to bring with you please call us on 01837 659 059 before making a booking to avoid disappointment on the day.
The Heart of the South West Growth Support Programme is receiving up to £904,945 of funding from the England European Regional Development Fund (ERDF). The accountable body for this programme is Devon County Council.