I’m already using Xero; how will Making Tax Digital affect me?

There’s a new kid arriving on the accounting block, and the deadline to get ready for is getting nearer and nearer! HMRC’s Making Tax Digital (MTD) is set to transform how businesses keep their records but even still, there’s several myths circulating about what it...

Making tax digital for VAT guidance issued

HMRC have now issued their detailed guidance on the digital record keeping and return requirements for Making Tax Digital (MTD) for VAT. VAT Notice 700/22 clarifies that spreadsheets may still be used to keep business records provided that there is bridging software...

New VAT rules for building trade in 2019

Under new rules due to come in on 1 October 2019 builders, sub-contractors and other trades associated with the construction industry will have to start using a new method of accounting for VAT. The measure is designed to combat VAT fraud in the construction sector...

Cash and digital payments in the new economy

One of the announcements in the Spring Statement was the possible demise of the 1p and 2p coins and the £50 note, but for different reasons. It seems that more and more of us are paying for small transactions such as our morning coffee by using contactless payments....

Are you ready for making tax digital (MTD)?

In just over twelve months most VAT registered businesses will need to comply with new legislation requiring them to submit their VAT returns electronically using an Application Programme interface (API) between their accounting and HMRC software. Keeping financial...

Want to join the making tax digital vat plot?

HMRC have announced that they are looking for suitable businesses to sign up for the pilot testing of the new system of digital reporting of VAT information. Turkeys voting for Christmas springs to mind? After a period of testing the new system is scheduled to go live...