FEATURE: TAX & ACCOUNTING
Here at Big Fish Financial Services Ltd. we're a local and friendly financial firm, here to help you with all your business' financial needs. We offer a wide range of services including:
• Accounts preparation • Business advice for start ups • Company formation and management accounting
• Financial planning • Payroll services • Personal tax and self assessments • Making Tax Digital preparation
We also offer a FREE
consultation to all potentially new clients so if you feel we can be of help,
It’s time to switch your accounting records to a digital format
What does my business need to do? Firstly, it is important to note that there is no change yet in the frequency with which VAT returns are submitted, only the way they are submitted. Businesses must now have accounting software that is capable of creating a VAT return and connecting with the systems of HMRC to file it. So it is vital that organisations
speak to their software providers to ensure the packages they are using are compliant with the new regime. This may necessitate an upgrade, or the incurring of extra costs for new licences or new software. HMRC is not offering any
software of its own, but is providing the digital interface for a range of currently available commercial software. Accountants and tax advisers
have been gearing up for MTDfV for quite some time and can provide advice on what to do to comply with the new rules.
Can I still use spreadsheets for my records? Yes, spreadsheets can continue to be used for record keeping, but they will either have to be capable of making a digital submission to HMRC, or have bridging software in place which can deal with the submission process.
What is bridging software? This is additional software that is capable of taking the information in the spreadsheet and sending it to HMRC without the need for any manual intervention. Under MTDfV, it is not permitted
to transfer data manually between different parts of software products or applications, so commercially available bridging software must be used.
Penalties There will be a new late filing and penalty regime, although not from the start as HMRC takes a light touch approach for the first year. A new points-based penalty
system will be introduced for late filing, affecting more those who are frequently late filing their returns.
What next? In the long term, businesses should see the benefits of digital record keeping as software will be able to capture and categorise receipts on a mobile device as incurred, thus saving time later in having to write up the records. Automatic bank feeds into cloud-based software can also save considerable time, thus allowing more time to focus on developing the business and to allow for timely analysis of financial performance.
don’t hesitate to contact us. T: 01271 440054
E:
info@bigfishfinancialserivces.com W:
bigfishfinancialservices.com
Woolston Accounts is run by two mums and focuses on being an approachable accountancy practice.
We aim to help you run your business more efficiently so that you have more time doing what you love!
•Bookkeeping •VAT •Payroll •CIS •Year End Accounts •Tax •Xero Training
www.woolstonaccounts.co.uk charlotte@woolstonaccounts.co.uk
Spring 2019 Chamber Profile 31
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