With the passage of time, HM Revenue & Customs is moving towards digital tax real-time information. In 2014, payroll became real time and now other taxes are moving in the same direction. This means that the businesses will have to report submit their accounts every three months. The higher level of compliance will be burden for many businesses and if not dealt appositely it may result in high penalties.
April 2017, will be the last tax return year for many businesses. In 2018, businesses, self-employed people and landlords with an annual turnover above the VAT threshold will have to start using digital tax. In 2019 this will extend to businesses, self-employed people and landlord with turnover between £10,000 and VAT threshold. Later on, corporation tax and VAT will also be filed using digital tax.
At Premier Accountants in Kirkintilloch & North Glasgow, We are working with our clients and helping them to combat the challenges of digital tax. For a free consultation on the issue, please contact us on 0141 775 0070.
So, Exactly Why is Digital Tax Important?
- All self-employed individuals (including landlords and freelancers), with a business income over £10,000 will be required to keep digital records of all their income and expenditure. These records must be submitted electronically to HMRC.
- Those affected have the option to make the electronic submission in collaboration with their accountant or bookkeeper or can do this on their own
- Any activity at the end of the year must be concluded and sent either by ten months after the last day of the accounting period or by 31st January, whichever is sooner.
- Updates to HMRC will need to be made at least quarterly, taxpayers will have an option to pay tax based on their quarterly submissions if they wish.
How Premier Accountants Can Help
- We help client build smart business which results in higher efﬁciency in business operation.
- We keep clients up to date with latest developments and compliance requirements and hence saving from penalties etc.
- We offer fixed price services, which means no surprise bills. Our quote stays same through out the year and you can enjoy the services by paying a fixed monthly bill
- At the time of signing up we carry a out a health check
- You will enjoy unlimited ad hoc advice with the freedom to get in touch anytime and have your queries answered within four hours.
- We provide a 5 star service, working with a limited number of clients, thus providing a very tailored service to meet your needs.
- We keep in touch with you throughout the year to ensure you’re keeping records in the correct order etc .
- We conduct a pre-year end tax planning meeting with the client to ensure that right decisions can be taken before they year end.
- We use the finest and latest cloud technology in the industry to increase efficiency &reduce cost. This eventually transfer the benefit over to you as you will have complete use of our cloud software with a paperless office, allowing us to access client information even if we are not in the office.
For a free consultation on the issue, please contact us on 0141 775 0070.