We unveil animation to help businesses get to grips with major tax change
We have unveiled an animated guide to a major change to business taxes that is due to come into effect next year.
We created the animation to help businesses prepare for the launch of Making Tax Digital (MTD) for VAT in April 2019.
MTD for VAT will see VAT-registered businesses with turnovers of £85,000 or more required to maintain digital financial records and make digital submissions to HM Revenue & Customs (HMRC) on a quarterly basis. The Government says that similar requirements will apply to other corporate taxes from 2020 at the earliest.
Accountancy body, the Association of Taxation Technicians (ATT) has described MTD as the biggest change to the tax system since the introduction of PAYE in 1944.
Steve Aston, a Director at AGS Accountants and Business Advisors, said: “Some of the requirements of MTD might look daunting, which is why we are keen to make sure that businesses are clear about what the requirements are so that they can plan ahead now.
“Our animation is designed to give businesses a clear overview of what is involved and what they can do now to minimise the stress, hassle and disruption of the change.
“At AGS Accountants and Business Advisors, we are already helping dozens of businesses to prepare for MTD for VAT.
“I’d urge any businesses that are not prepared for the change to contact us today.”
In order to comply with the requirements of MTD for VAT, most SMEs will need to sign-up for a cloud accounting package such as Xero, SageOne or Quickbooks.
Business can view the animation on our website at: https://www.agsdudley.co.uk/services/making-tax-digital/.