“Think Big, Think Fast, Think Ahead, Ideas are no ones monopoly.”

At Financial Partnership Limited, we promise to make your life simpler by allowing you to concentrate your time, on what you already are good at, 'Doing Business'.

Read More

“Between our past present and future there is one common factor our relationship.”

Depending on the complexity of your business and bookkeeping requirements we will tailor our bookkeeping solution that will suit your business model

Read More

“Meeting our clients expectation just isnt enough but exceeding them is our expectation.”

We believe Planning is the key to success. With the ever-changing legislation and complex tax regime

Read More

“We believe you do not require an invitation to be successful.”

Value Added Tax (VAT) is one of the most complex and onerous tax regimes imposed on businesses. So complex that many businesses inadvertently overpay or underpay VAT

Read More

“Our Dreams have to be bigger, our ambitions higher, our commitment deeper and our efforts greater.”

Do you own a buy to let property or have rental income that has slipped off your mind to declare on your tax return? Don’t stress!

Read More

Making Tax Digital (MTD)

Making Tax Digital (MTD): Simplifying Your Tax Reporting

Making Tax Digital (MTD) is a government initiative to modernise the UK tax system, making it easier for individuals and businesses to keep track of their tax affairs. At its core, MTD requires businesses to keep digital records and use compatible software to submit their VAT returns directly to HMRC.

Initially, MTD for VAT applied to businesses with a taxable turnover above the VAT threshold. However, it has now been extended to all VAT-registered businesses, regardless of turnover. Future phases of MTD will also apply to Income Tax Self-Assessment and Corporation Tax.

What Does MTD Mean for Your Business?

If you’re a VAT-registered business, MTD requires you to:

  1. Keep Digital Records: You must maintain digital records of your business’s income and expenses using MTD-compatible software. Paper records are no longer sufficient for MTD purposes.
  2. Use MTD-Compatible Software: You need software that can connect directly to HMRC’s systems to submit your VAT returns.
  3. Submit VAT Returns Digitally: Your VAT returns must be submitted using your MTD-compatible software, rather than the old online portal.

The Benefits of Embracing MTD

While MTD introduces new requirements, it also offers significant advantages:

  • Increased Accuracy: Digital record keeping and direct submission reduce the risk of manual errors.
  • Improved Efficiency: Compatible software can automate many tasks, saving you time on bookkeeping and tax submissions.
  • Better Financial Overview: Digital records provide a clearer, real-time picture of your business’s financial health.
  • Future-Proofing: Getting compliant now prepares you for future phases of MTD for other taxes.
  • Enhanced Compliance: Ensures you meet your legal obligations with HMRC.

How We Can Help You Navigate MTD

Making the transition to MTD doesn’t have to be complicated. Our accounting services are designed to help businesses like yours become and remain fully MTD compliant. We can assist you by:

  • Assessing Your Needs: We’ll help you understand how MTD specifically impacts your business.
  • Recommending and Implementing Software: We can advise on and help you set up MTD-compatible accounting software that suits your business size and needs.
  • Migrating Your Records: We can assist in transferring your existing records to digital format.
  • Providing Training and Support: We’ll ensure you and your team are comfortable using the new software and understanding the digital record-keeping requirements.
  • Managing Your Submissions: We can handle your digital VAT submissions for you, ensuring they are accurate and on time.
  • Ongoing Compliance: We stay up-to-date with the latest MTD developments so you don’t have to worry about future changes.

Get MTD Ready Today

Don’t wait until the deadline to become MTD compliant. Partner with us to ensure a smooth transition and leverage the benefits of digital tax reporting.

Contact Us Today or Get a Free Consultation by calling us on 020 8241 6642 or emailing us at infor@financialpartnership.co.uk.

 

Book Appointment