Making Tax Digital- An Initiative to Streamline Your Finances & Accounts

If you’ve followed the recent administrative changes in the UK tax system, you should be familiar with the initiative MTD or Making Tax Digital. This fundamental change will impact and monitor how individuals, business ventures, and agents maintain their accounting books and the first stage of this MTD programme, ran by HMRC, would focus on VAT. New requirements have been imposed on VAT registered businesses and in the wake of streamlining and digitalization, many businesses are still struggling to keep up with the changing rules.

If you too have found yourself dabbling in the new MTD programme, here’s how Goodhams Accountants & Tax Advisors can help you-

For Beginners

If you’re new to this, we at Goodhams can help you in the following way-

• We can help you decide whether you need your VAT registration from the outset or otherwise.
• We can help you with the latest updates and can help you register for VAT with proper paperwork, should your situation demand obligatory registration.
• Additionally, we will also monitor your current situation and should there be an opportunity for you to benefit from deregistering, we will help you in that too.

For New or Existing Businesses

Apart from helping you with the basics, we can also help you with eligible VAT schemes that analyse the best option for your business, be it by adopting a new scheme or by merging the existing one with a new one. In fact, some of the VAT schemes can even help you with additional benefits such as increased tax savings and a reduction in bookkeeping maintenance.

How Else can Goodhams help?

 Being your local accountant, we at Goodhams, can-

• Help you with your VAT return preparation. You can either use your own bookkeeping records or you can ask our expert bookkeepers to help you get the record on the right track.
• We will try to help you claim maximum VAT (as much as possible), especially on contentious items like mixed expenditures.
• Additionally, we can act as your official VAT Agent and correspond with the HMRC on your behalf.

 The Goodhams Way

 Manual maintenance of VAT could be super tedious which is why under the MTD initiative, we are using professional VAT software to file your returns to the HMRC online. Late registration, late VAT payments & returns- all can be subjected to penalties which is why our expert team at Goodhams works round the clock to keep your VAT papers ready and your accounts streamlined.

Wondering how else can Goodhams help you? Reach out to us with your query and our account managers will get in touch with you as soon as possible!