MTD means that all businesses will be required to use digital record keeping tools and will need to submit their tax return from those tools. There are lots of tools that you can use to keep your records up to date and, depending on your needs, you should choose the appropriate one for you and your business. Studies have also shown that using these tools increases your productivity, as well as that of your accountant and bookkeeper (meaning our bills may be lower!)
Some businesses may not be able to go digital, and, if they are unable to, they will not be required to do so. Businesses that choose to use spreadsheets to maintain their records and perform their tax calculations, will need their spreadsheets to interface with some form of bridging software, that will allow their VAT return data to be sent to HMRC from the spreadsheet. Due to Coronavirus, the launch dates for MTD for 2020 have been extended to 31st March 2021.
MTD has some major advantages, but may be tricky for smaller businesses, particularly those who do not currently work with an accountant. This is because you will need to understand all of the small print, as well as learning to use new software. The best piece of advice I can give you is to work with a professional on this, not your mate down the pub who says he understands MTD!
Of course, I am one of those qualified accountants who knows the ins and outs of MTD, so if you want to get ahead of the game, and ensure it’s all done right first time, then please do get in touch.
At Octave you can expect friendly and professional customer service with simple and transparent pricing, meaning no hidden costs or nasty surprises. We are based in Southampton but work with businesses across the UK of all sizes to manage their accounts and tax.
We have over 20 years experience in the industry and we will offer you the most expert advice and guidance on what is best for you and your business, allowing you to make the most informed decisions possible.
We are more than just an Accountant, we can act as your very own Financial Director, your knowledgeable tax expert and trusted bookkeeper. At Octave we won’t use jargon or try and confuse you. We have a relaxed but professional approach and are always available if you have any questions or concerns.
If you have any questions or would like to arrange a no obligation meeting then we'd love to hear from you
Simply fill in the form below and we’ll get back to you as soon as we can. If you'd rather speak right away give us a call on 02380 176190.
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