When they are in need of expert assistance with VAT returns London businesses know who they can turn to. The team at Brian G Lonis is skilful and can help with a number of things. As a result, you will receive a comprehensive service that will meet the needs of your business.
Get Ready For MTD
New Making Tax Digital (MTD) rules affect around 1.2 million businesses. Many of them will need to submit their first quarterly return to HMRC by August 7th using compliant software.
HMRC is urging businesses that have an annual turnover that is over £85,000 to register for MTD before the VAT filing date. If a business plans on paying by direct debit, they need to register by July 27th.
MTD was announced in 2015 and these rules became law for VAT periods that start on or after April 1st 2019. VAT-registered businesses need to keep digital VAT records. They must then submit their VAT return using relevant software. This applies if a business has a taxable turnover above £85,000.
Over 600,000 of the businesses that need to sign up have done so. This is out of the 1.2 million that need to. There are approximately 10,000 businesses registering for MTD daily. Luckily, there won’t be penalties for keeping records and filing during the first year if a business does their best to comply.
A Helpful System
The hope is that MTD will make it easier for a business to get their tax right. The rules will be able to reduce tax lost from mistakes. This is because digital records are more accurate. Also, the software people must use will directly send information to HMRC.
Brian G Lonis offers expert assistance for the VAT returns London businesses must complete. This is in addition to our numerous other services like bookkeeping. We also offer auditing, company rearrangements, and much more.
If you are ever in need of the help of a highly skilled accountant then you should give us a call. Your business could experience great benefits from working with us.