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Digital Tax Making

Feb 12, 2022

Obviously we mean Making Tax Digital (MTD)

It’s been the word on the street that its coming for a long time but it really is the case now as all VAT registered businesses must sign up, whatever they earn.

If you are VAT registered, you must sign up for Making Tax Digital from the 1^st April 2022 in order to file in the new digital way. That’s just over 6 weeks away!

The idea behind MTD is for businesses to keep digital records and to file their VAT returns using an MTD compatible software like QuickBooks. The whole new digital process should therefore make it simpler and quicker to file returns, which in turn will give the tax payer more confidence in what they are submitting is correct. Although it becomes mandatory from the 1^st April it would be more beneficial to take the leap and get started with MTD today.

The Government has advised from 1^st April 2022 or the beginning of that VAT period you must keep digital records and submit VAT returns through MTD or you may be charged a penalty.

Support on how to sign up to MTD can be found on the Government website here or we at Books and Business can assist you by signing up on your behalf to ensure you are MTD compliant. Not only can we set you up we can provide ongoing training for QuickBooks MTD compliant software. In the long run this will save you valuable time to focus on your business.

According to the HMRC guidelines you must sign up at least 5 days after your last non-MTD VAT return deadline and no less than 7 days before your first MTD VAT return deadline or you may pay twice!

Get in touch with us today to see how we can get you sorted for the looming MTD VAT deadlines.

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Plans for ID verification from Companies House

by PH186232 • 22 Oct, 2024

Starting in early 2025, Companies House will begin rolling out new identity verification requirements for company directors and persons with significant control (PSCs). This means that, in the future, before filing information on the Companies House register, directors will need to prove their identity. This change is designed to reduce fraud and improve transparency. The reforms are part of the Economic Crime and Corporate Transparency Act 2023, which aims to combat fraudulent activity. As part of these reforms, accountancy firms and solicitors registered for anti-money laundering (AML) supervision will be among the first required to comply, starting in early 2025. By spring 2025, accountants and other professional service providers, who are registered for AML supervision, will be able to become authorised corporate service providers (ACSPs). This means they’ll be able to help clients verify their identities and pass that information on to Companies House. By autumn 2025, these new ID verification requirements will be mandatory for new directors and PSCs when setting up a company or making new appointments. If your business already exists, you will have a 12-month transition period until autumn 2026 to ensure your directors and PSCs comply with these requirements when your next confirmation statement is due. This is a significant change, therefore it’s important to stay ahead of these requirements to avoid any disruptions to your business.