Chartered Accountant (FCA) with broad experience in all aspects of accounting, taxation and financial management of small and medium sized businesses.
The Government have announced a series of support measures for businesses including the Coronavirus Job Retention scheme (see news and budget comment).
Domestic Reverse Charge for VAT
HMRC has announced that the introduction of the domestic reverse charge for construction services will be delayed for a period of 12 months until 1 October 2020 (See news and budget comment).
Making Tax Digital for Business (MTD)
The Treasury has announced that businesses will not be compelled to use the MTD system until April 2019 and then only to meet their VAT obligations. This will apply to businesses that have a turnover above the VAT threshold. The small businesses will not be required to use MTD until at least 2020 although they can do so voluntarily.
The way you interact with the tax system is changing. The tax system will become increasingly digital and most businesses, the self employed and landlords will need to start using software or apps to keep their business records, and to update HMRC quarterly with these records. Your start date for MTD depends on the size and structure of your business and your accounting year end. For further information on the timetable for the implementation of MTD please see my ‘news & budget comment’ page.
Making Tax Digital is the most fundamental change to the administration of the tax system for at least 20 years.
As your accountant, I can support you through these changes and provide the ongoing services that you need. Please contact me to discuss MTD further.
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