PROMOTIONMaking tax digitalWhat does it really mean for business?BACK GROUND ON MTDFrom 1 April 2019 (although for some organisations theirdate is deferred unil 1 October 2019, it will be mandatory tokeep VATrecords in a digital format, and to file VAT returninfoe masion with HMRC using adigital link in "functionalcompatible software. Under the MTD requirements, youwill no longer be allowed to submit the VAT relurn iguresmanually to HMRC MTD applies to all VAT registeredorganisations whomake taxable suppliesexceeding85,000per annum. There are very limited exclusions, based onthings like disability, remoteness of location, age, etc, butin realityitis likely thatonly very few people will beallowedto be excluded from MTD. It can also apply to overseasorganisations if they are registered for VAT in the UK.WHAT EFFECT WILL MTD HAVE ON A BUSINESS?After MTD is introduced for VAT, it wil then apply toincome tax from 2020 and corporation tax on, or shortlyafter this dateWHO WILL BE ALLOWED TO DEFER THEIRTrusts. Not for Profit organisationsDebbie Jenningsthat are not set up as a companyVAT DivisionsVAT GroupsCertain public bodiesthe returns and engage with them now to increaseunderstanding and awarenessUnderstand how you can maximise the value of usinga cloud based digital accounting system and makeOrganisations based overseasOrganisations using annual accountingor make payments on account.Draw up a timeline and prepare for the migrationWHAT PRACTICAL THINGS SHOULDBUSINESSES BE DOING NOW?On a practical level, you shouldto be looking to do the following:Kingston Smith is accredited and works in partnershipwith the leading MTD compliant cloud software providers.We can help you to manage the change and make theright decisions for your organisation, using this as anopportunity to make the most out of these compliancechanges. Unlocking real time data and insight on yourorganisationsperformance,available on mobleapps, whilstyou're on the go. We are keeping up to date and assessingthe full impact of the changes and the practical steps thatare necessary for ensuring a successful migration 0 MTDfor VAT, as well as preparing organisations for the futureand how the MTD regime will apply to the other taxesVisit our website for details of seminars on the practicalsolutions that we can offer to businessesContact your accounting software peovider, andestablish are they or will shey have compatsblesoftware by the inmroduction date of Apeil 2019.Review how the VAT accounting being carriedout currently, and how much manual interventiontakes place?Assess whether the currenE VAT accounting iscompliant and efficient: take the opportunityto refresh your VAT affairs and pldentify the staff in your organisation who areinvolved in VAT accounting and preparation of.Kingston Smith lCould your busness benefit from MTD solutions? 90 getintouch for a no-otigatonchat with Debbie Jennings djennings kingstonsmith.co.uk 01727 810004

Date: 18 November 2018

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PROMOTION Making tax digital What does it really mean for business? BACK GROUND ON MTD From 1 April 2019 (although for some organisations their date is deferred unil 1 October 2019, it will be mandatory to keep VATrecords in a digital format, and to file VAT return infoe masion with HMRC using adigital link in "functional compatible software. Under the MTD requirements, you will no longer be allowed to submit the VAT relurn igures manually to HMRC MTD applies to all VAT registered organisations whomake taxable suppliesexceeding85,000 per annum. There are very limited exclusions, based on things like disability, remoteness of location, age, etc, but in realityitis likely thatonly very few people will beallowed to be excluded from MTD. It can also apply to overseas organisations if they are registered for VAT in the UK. WHAT EFFECT WILL MTD HAVE ON A BUSINESS? After MTD is introduced for VAT, it wil then apply to income tax from 2020 and corporation tax on, or shortly after this date WHO WILL BE ALLOWED TO DEFER THEIR Trusts . Not for Profit organisations Debbie Jennings that are not set up as a company VAT Divisions VAT Groups Certain public bodies the returns and engage with them now to increase understanding and awareness Understand how you can maximise the value of using a cloud based digital accounting system and make Organisations based overseas Organisations using annual accounting or make payments on account. Draw up a timeline and prepare for the migration WHAT PRACTICAL THINGS SHOULD BUSINESSES BE DOING NOW? On a practical level, you should to be looking to do the following: Kingston Smith is accredited and works in partnership with the leading MTD compliant cloud software providers. We can help you to manage the change and make the right decisions for your organisation, using this as an opportunity to make the most out of these compliance changes. Unlocking real time data and insight on your organisationsperformance,available on mobleapps, whilst you're on the go. We are keeping up to date and assessing the full impact of the changes and the practical steps that are necessary for ensuring a successful migration 0 MTD for VAT, as well as preparing organisations for the future and how the MTD regime will apply to the other taxes Visit our website for details of seminars on the practical solutions that we can offer to businesses Contact your accounting software peovider, and establish are they or will shey have compatsble software by the inmroduction date of Apeil 2019 .Review how the VAT accounting being carried out currently, and how much manual intervention takes place? Assess whether the currenE VAT accounting is compliant and efficient: take the opportunity to refresh your VAT affairs and p ldentify the staff in your organisation who are involved in VAT accounting and preparation of . Kingston Smith l Could your busness benefit from MTD solutions? 90 getintouch for a no-otigaton chat with Debbie Jennings djennings kingstonsmith.co.uk 01727 810004

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