Business owners need to prepare for a new era of tax reporting, advises a Lynn-based accountancy business.
The advice follows on from HMRC’s announcement last month of the results of consultation into Making Tax Digital plans.
Simon Hunt, who runs TaxAssist Accountants based at King’s Lynn Innovation Centre, said: “The announcement gave very little ground to the concerns raised by small businesses and their advisors. April 2018 remains the deadline for introduction of Making Tax Digital, following a new series of pilot schemes with businesses across the UK, which starts this April.
“The draft legislation is clear in its intention that the majority of small businesses will have to submit quarterly reports to HMRC online, replacing the annual tax return. We’re urging local business owners to continue their vital progress on preparing for the new rules.
“Many of our clients are already operating digitally so won’t be too concerned, with some taking advantage of our latest app for their smartphones and tablets. Our national accounting software partner, Intuit QuickBooks, is also seeing more small businesses get ahead of the legislation by moving to the cloud now to take advantage of all the time saving benefits.”
Landlords reporting annual income under £150,000 will be able to account for income and expenditure on a simple ‘cash in, cash out’ basis.
Penalties for late submission of accounts will be delayed for at least 12 months to allow businesses to become familiar with the changes.
Simon Hunt is available on 01553 401565 or email firstname.lastname@example.org
For more information please visit: http://www.taxassist.co.uk/accountants/kingslynn