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Making Tax Digital - are you ready?
Whilst everyone is fully aware of deadline of March 29th for the leaving the EU with a deal or no deal, there are still many people not taking any notice of the implementation of Making Tax Digital and its implementation date 1st April 2019.
One thing is for sure on 1st April, thousands of businesses that should have signed up for Making Tax Digital will not have done so.
Making Tax Digital was hailed as a revolution in the tax system, when it was first introduced by George Osborne the then Chancellor of the Exchequer. That was 4 years ago when plans were initially that all personal and business tax returns would be submitted digitally by 2020.
Targets were far too ambitious and deadlines have been altered BUT what remains is the first phase on implementation when all businesses with a turnover in excess of £85,000 must file their VAT returns on-line from 1st April 2019.
The Federation for Small Businesses chairman Mike Cherry says " Done right, Making Tax Digital will be more efficient for small firms, saving them time and money". "Done wrong, its enforcement could actually increase costs for small business owners and add further complexity into an already burdensome VAT system".
Research by the Institute of Chartered Accountants in England & Wales in October revealed that more than 40% of businesses about to be affected had no idea the change was coming!
For a clear understanding of how Making Tax Digital will affect you and to put you on the correct path to get things right - contact Nicole@winchesterbourne.com or ring 01962 715671 - we are here to help you.
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