This week we are delighted to have a guest post written by Chartered Accountants Clemence Hoar Cummings. Read on to find out why businesses should be thinking about getting rid of their paper accounting systems and putting everything online...
Clemence Hoar Cummings will not accept liability for any actions or failure to act based on the information provided below. We consider that the advice contained below is generic and that there is no substitute for advice tailored to the needs and circumstances of the individuals or organisations to which the Making Tax Digital rules apply.
Making Tax Digital – The Essentials
- Includes Companies, LLPs, Partnerships, Sole Traders, Trusts, Non UK businesses
who are registered for UK VAT and charities
However, for Trusts, Not for Profit organisations that are not companies, VAT Divisions and Groups, Local Authorities, Traders based overseas, Annual Accounting Scheme users, the proposed start date is 1 October 2019
What is my Taxable Turnover?
Points to Consider on Requirement to Register
What do we need to do to comply?
Estate becomes vested in any other person as that person’s trustee under a trust deed
Can Spreadsheets be Used?
What is a Digital Link?
What is Functional Compatability?
Can I Adopt early?
- a partnership
- part of a VAT group
- based overseas
- Trust of NfP that is a company
- Submit monthly or annual returns
- Use flat rate scheme
- A new business
Digital Record Keeping Requirements
Data to be kept – Supplies Made
Data to be kept – Supplies Received
The VAT Accounts – Outputs
- amount owed on acquisitions from other EU member states
- Tax required to pay on behalf of suppliers under reverse charge procedure
- tax to be paid following a correction
The VAT Accounts – Inputs
Scale charge adjustments, partial exemption calculations, are not included in the list of
Reverse Charge transactions need care
Is that it for MTD?
The principles will be the same – requirement to maintain digital accounting records.
Who will that affect?
David Belbin is Managing Director of Clemence Hoar Cummings Chartered Accountants who have been providing accountancy advice and services to organisations and individuals in Havering since 1925. He can be contacted on 01708 333 300 or by email email@example.com