Welcome to Sherwoods Ltd
Welcome to Sherwoods Ltd, accountants in Bletchley, Milton Keynes, providing
a personalised service to local business owners and individuals. For help with any
of your accountancy and tax needs, please give us a call.
Making Tax Digital (MTD) – Are you ready? We are…
The Government’s new, digital tax initiative will start to be phased in for businesses from April 2019, initially for VAT reporting only. This will apply to only those businesses with a turnover above the VAT threshold, although smaller businesses will be able use the system voluntarily if they wish.
Although this quarterly VAT reporting is not new, (VAT online has been around since 2010 and currently 98% of VAT registered businesses file their returns online), the consultation process is still ongoing, and we expect the scope to be widened and reporting requirements to be increased, sometime after April 2020.
We have been preparing for Digital Tax for some time and are ready to help smooth the transition into full quarterly reporting for all our clients. And the really good new is…………………. It won’t cost as much as you think!