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Making Tax Digital Campaign in Swindon with Payslip Accountants

Making tax digital successfully started from April 2019.HMRC have launched their online marketing campaign to raise awareness of the new system to small and medium business owners.

There are some criticism from professionals including accountants of the lack of preparation, support and advice from HMRC ahead of the changes. Lack of Knowledge has been felt despite HMRC working closely with software providers to help them to bring a wide range of MTD products to the market.

The recent update includes a webpage with information including the new HMRC VAT notice, details on the MTD VAT pilot, as well as an outline of the measures for their new scheme . It also contains a communications pack designed to support businesses and agents preparing for MTD with source material and information which can be used to support any letters, articles, presentations, social media activity, or web content planned by stakeholders.

The guidance follows on from recent ICAEW research that found that nearly 40% of businesses who will be impacted by the April 2019 legislation are still unaware of exactly what MTD is! So does this new documentation provide additional clarity that businesses and representatives have been asking for?

HMRC have begun to push on their social media stages including twitter where they link to their guidance pages for small business owners.

One of the aspects outlined within this new regulation is the VAT Notice 700/22: Making Tax Digital for VAT. This notice includes–

https://www.gov.uk/government/publications/software-suppliers-supporting-making-tax-digital-for-vat/software-suppliers-supporting-making-tax-digital-for-vat

 

  • Who needs to follow the MTD rules and from when.
  • The digital records businesses must keep
  • How businesses must use software to keep digital records and file their returns from those digital records

Guidance on software still is still somewhat patchy. HMRC will not indorse until later in the year those software providers that will be accepted under the new scheme when the private pilot becomes public.

If you’re looking to know more information about MTD, then please speak to our office contact for more information.

 

Payslip Accountants are reliable local accountants and Tax advisors based in Swindon, we will try to assist with your any queries.

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Payslip Accountants promises to breathe new life into Victoria Road Swindon

 

A NEW community-focused accountancy firm is hoping to breathe new life into Victoria Road.

 

Payslip Accountants moved into its new offices on the vital artery for Swindon, connecting Old Town with the town centre, which has historically suffered from empty properties and a lack of interest from new businesses.

Payslip Accounts managing director and owner Sumon Roy told the Adver after the opening: “Our motto is trying to provide affordable financial and accounting help to the community businesses in Swindon and the surrounding areas .

“We are serving the community and small businesses and we’re also voluntarily doing the accounts for the Swindon Bangladesh Association and the Swindon Sanatan Association.

“We are not as concerned about the fees, but we are trying to give a better service to the community.

“It was a wonderful evening. We had more than 100 people. It was a brilliant and very successful event.

There to cut the ribbon was Robert Buckland MP for South Swindon who told the Adver: “I was honoured and delighted to support the opening. At the launch I spoke of the importance of regeneration of properties along Victoria Road, and am pleased that Sumon Roy and his team have played their part in helping this process.”

Swindon’s new mayor Junab Ali added: “It was special because it was nice to see a fellow British Bangladeshi entrepreneur in Swindon working hard to build his business and contribute towards the local economy and to help other fellow entrepreneurs along the way.

“In terms of rejuvenating Victoria Road and investing his time into the business property to brighten up the area and I hope small business like his will be a kickstart to our town’s needs. I wish him every success in his new business venture.”

 

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EU VAT CHANGES FOR 2015

There are two new directives, first for the fast reaction mechanism aimed towards preventing VAT fraud. Second one is for the optional and temporary application of the reverse charge mechanism in relation to supplies of certain goods and services. Quick Reaction mechanism provides the legal basis to the countries that are members of the EU to integrate an emergency measure in they are in position to serious case of sudden and massive VAT fraud.

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Value Added Tax (VAT) is a tax on consumption levied in the United Kingdom by the National Government. It was introduced in 1973 and is the third largest source of government revenue after Income Tax and National Insurance. It is administered and collected by HM revenue and customs, primarily through the Value Added Tax Act 1994. VAT is levied on most goods and services provided by registered businesses in the UK and some goods and services imported from outside the European Union.

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PROPER INVOICE INFO

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