Making Tax Digital
Her Majesty’s Revenue and Customs (HMRC) has announced their plan to make tax digital, starting in April 2019 for businesses & self-employed people that breach the VAT threshold. As part of MTD, businesses registered for VAT with a taxable turnover above the VAT registration threshold of £85,000 will need to keep VAT records digitally and file their VAT returns using MTD compatible software. This will start from their first VAT period, occurring on or after 1 April 2019.
What does this mean for me?
Bank transactions and other financial information will flow automatically into people’s digital tax account, whether or not they declare that income or those expenses.
Submissions will need to be made at least once per quarter. As a company you are required by law to do this. However, BJT Accountants can act as your agent for this.
Submissions will need to be filed using some form of software (you’ll need to use an app integrated into your digital tax account). Good News! Xero is fully compliant.
BJT Accountants became our accountant three years ago and we haven’t looked back since.
We have dealt with Rob throughout our time and as we have got to know his cheeky happy character and his professional approach we have formed an excellent working relationship, nothing is ever too much trouble.
We trust BJT Accountants with our finances and have faith in their integrity.
Sally Doulton, Director, Shop Services Interiors Limited
BJT Accountants are able to give us straight forward, sound advice on all aspects of our business, from dealing with PAYE and Auto Enrolment obligations through to preparing our year-end financial statements as well as our quarterly VAT submissions.
Covering these areas expertly allows us to do what we do best which is run our business.
We have a single dedicated accountant who has dealt with us since we started the business and all our enquiries have been dealt with in a professional and timely manner.
Andrew Mower, Director, F45 Farringdon
I cannot stress enough what a fantastic job BJT have done in forming our Company and registering it for all the relevant taxes with HMRC. I really don't know what we would have done without them, so an enormous "THANK YOU" from me.
Linda Pullinger, DNA Component Plus Limited
Rob at BJT was recommended to me by a friend and it was the right move for me to use their services.
I like the fact that Rob is always available to answer my queries no matter how small and genuinely takes an interest in my business.
Ray Godfrey , Ray Godfrey Upholstery Ltd
We provide a range of accounting, tax and business support services. We are here to help you through every step of your journey, providing you with all the knowledge and expertise you need to help you grow your business. All businesses are unique and we tailor our advice to meet individual client's needs. We take the time to get to know you personally as well as your business. We can then provide the very best advice in a timely manner, giving all our clients the premium service they deserve.
Rishi Sunak, the Chancellor, announced a wide ranging set of measures in his budget on 3rd March. This budget was focused on assisting businesses during the recovery period after the Covid crisis of the past year. We have put together a short video to detail all the key points and how these will affect you. If you have any questions please contact us via phone or email.