Personal Taxation and Self Assessment in Co. Down
The burden of self assessment and statutory reporting will increase in April 2019 with the advent of "Making Tax Digital." We can free up your time to let you run the business, while at the same time helping to identify areas of the business where costs can be reduced or where increased efficiencies can be achieved. We encourage all Northern Irish businesses to get in touch as soon as possible in order to make sure we have enough time to get you prepared for new HMRC legislation.
As per HMRC VAT Notice 700/22: Making Tax Digital for VAT:
''Making Tax Digital for VAT requires VAT registered businesses with taxable turnover above the VAT registration threshold to keep records in digital form and file their VAT Returns using software.
It is increasingly common for business records and accounts to be kept digitally, in a software program on a computer or tablet, or in a smartphone application, or maintained through such a device and stored using a cloud-based application. The difference under Making Tax Digital is that the software which businesses use must be capable of keeping and maintaining the records specified in the regulations, preparing their VAT Returns using the information maintained in those digital records and communicating with HMRC digitally via our Application Programming Interface (API) platform.
If your digital records are up to date, software will be able to collate and prepare your return for you. It will then show the return to you and ask you to declare that it is correct and confirm that you want to submit it to HMRC. Once you have submitted your return you will receive confirmation through your software that it has been received''.
We can look after: