Mak­ing tax dig­i­tal

Tax col­lec­tion is go­ing dig­i­tal in the UK, start­ing with VAT but the rest of the sys­tem will fol­low soon af­ter. Time to make sure your ac­count­ing sys­tem adds up!

Campbeltown Courier - - MONEY MATTERS -

You might not know it yet, but the Bri­tish gov­ern­ment wants to create ‘one of the most dig­i­tally ad­vanced tax ad­min­is­tra­tions in the world’. If you are in busi­ness be it large or small, it is time to fas­ten your seat­belt and strap on your pro­tec­tive head­gear and get in there. The first step is mak­ing tax dig­i­tal for VAT pay­ers and the pi­lot ser­vice is now un­der way in­volv­ing busi­ness whose af­fairs are straight­for­ward and up to date. Most other busi­nesses will be of­fered this ser­vice in the com­ing months. HMRC says that VAT-reg­is­tered busi­nesses with a tax­able turnover above the VAT thresh­old are re­quired to use the Mak­ing Tax Dig­i­tal ser­vice to keep records dig­i­tally and use soft­ware to sub­mit their VAT re­turns from April 1 next year. How­ever, some VAT-reg­is­tered busi­nesses with what are be­ing classed as ‘more com­plex re­quire­ments’ can be the ex­cep­tion and they have un­til Oc­to­ber 1 next year un­til they join.

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