Setting up Online Accounting and Making Tax Digital
Making Tax Digital (MTD) is being introduced for Income Tax Self-Assessment (ITSA) from 6 April 2024. Self-employed businesses and landlords with annual business or property income above £10,000 will need to follow the rules for MTD for ITSA from 6 April 2024.
We’ll look at how you can get information out of your accounts that helps you run your business effectively.
We will explore which software packages are compatible with MTD for ITSA and find out what they do, for example Absolute, Apari, Forbes, Iris and Untied.
Although you may already keep your business records in a digital format using software, there are differences with the software that’s specifically compatible with Making Tax Digital for Income Tax.
The workshop will cover:
- An introduction to Making Tax Digital
- Software options, costs and how to choose compliant accounting software
- Practical demonstrations of the packages
- Required steps to comply with MTD and penalties for non-compliance
- Structuring your Chart of Accounts
By then end of the session you will have a clear plan as to what you need to do to be ready and compliant for MTD.
The Thrive service has been fully-funded by the European Development Fund to allow us to offer you 12 hours of free business support through a range of one-to-one advice and workshops with expert advisors and speakers. This workshop forms part of the free support available to you so please visit our Thrive page for the full details.
Please note that there are a couple of online forms you will need to complete in order to attend our workshops. This is a requirement of the funding of the Thrive service and enables us to provide this support to you for free! Links to the forms will be emailed to you when you register but you can also find them here.
To be eligible to attend this free workshop you need to be based in Devon or Somerset (excluding Torridge, North Devon, North Somerset & BaNES). 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.
The Heart of the South West Growth Hub Service for All is receiving up to £781,965 of funding from the England European Regional Development Fund (ERDF). The accountable body for this programme is Devon County Council.