Some of you may have heard of the Governments biggest transformation to the tax system since self assessment. It is being advertised as the death of the tax return although this is not strictly true. Making Tax Digital is actually going to increase the administration burden to business.
Here are the main points:
However there are some good points:
With Energise Accounting, if you choose our digital package, our systems are already setup for MTD and will actually reduce the time you currently spend on admin for your business to around an hour a week. This includes the time it takes you to cash up your tills plus you will not even notice the transition over to Making Tax Digital.
Overall with the correct support we think MTD is good for the pub trade as it will free up time for landlords to get on with running their business without their head being buried in paperwork.
All the above information is based on HMRC delivering the project on time. We suspect HMRC are determined to go through with the project as it has now gone into testing.
Copyright © 2017 Energise Accounting - All Rights Reserved