As of April 2019, the majority of business owners and individuals will be expected to keep their accounting records digitally, as ‘Making Tax Digital’ comes into effect in the UK.
Making Tax Digital (MTD) is part of HMRC’s plan to transform its current system into one of the most digitally advanced tax administrations in the world. The current system, which consists of paper tax returns will be abolished and replaced with digital records that will enable taxpayers to update HMRC frequently on their income position, having a ‘real-time’ idea of their tax liabilities presented to them in their digital tax account. MTD is being implemented with the intention of making it easier for businesses to stay on top of their day-to-day accounts, however many businesses and individuals are left uncertain to what extent this change in the law will affect them, and what software they will need to be using to ensure that it is compatible with HMRC’s systems.
To overcome the confusion, PKF Francis Clark, chartered accountants and business advisors are hosting a free introductory demonstration and discussion to help local business owners understand what Making Tax Digital will mean for them. The session will take place in the firm’s Salisbury office, Hitchcock House, Hilltop Park, Devizes Road, Salisbury, SP3 4UF on 7 June, 9am for 9:30am until approximately 11:30am.
The session will also provide information on the latest developments in cloud accounting and help attendees to determine what the ‘Cloud’ is, how it will help them manage their day to day accounts as well as the software options that are available.
Paul Giessler, Partner at PKF Francis Clark said “With the rollout of ‘Making Tax digital ahead of us, cloud accounting becomes a far greater significant. Our seminar will give business owners the opportunity to find out what is available to them and how to keep on top of their cash flow and get paid quicker. It is important to us that we assist our business community ahead of their MTD transitions”.
There is no charge to attend but places are limited. To reserve your place, please email Chris Baker on chris.baker@pkf-francisclark.co.uk