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Preparing for Making Tax Digital may seem daunting but it doesn’t need to be. We will work with you to find the solution that is right for you and your business whether that’s supporting you to continue to be self managed, provide your business with a full book keeping service or find a combination somewhere in between.

Making Tax Digital (MTD) is a government initiative to modernise HMRC’s tax system, with the aim of making the process of administrating tax simpler and more efficient.

Seminars

We will be holding seminars to set out in detail the options CavanaghKelly can offer to support you and your business and address any ongoing questions or concerns you may have regarding Making Tax Digital and what it means for you and your business.

The seminars are free to attend. 

To register your interest for a particular seminar, please send your name, contact number and your preferred event to: events@cavanaghkelly.com

Date	Location	Doors Open	Start
Tuesday 12 March	Silverbirch Hotel, Omagh	7.30pm	8.00pm
Wednesday 13 March	Glenavon Hotel, Cookstown	8.30am	9.00am
Tuesday 19 March	Killyhevlin Hotel, Enniskillen	7.30pm	8.00pm
Wednesday 20 March	Tullyglass Hotel, Ballymena	7.30pm	8.00pm

 

Will it affect me?
If you are a business owner or self-employed and pay any of the following:
- income tax
- national insurance
- VAT
- corporation tax
then it is quite likely you will be affected.

When is it all happening?
MTD starts in April 2019 with businesses above the VAT threshold limit (currently £85,000).
Those affected will be required to keep digital records for VAT purposes.

*The income tax element of MTD was expected to commence in 2020. However, following the Spring Statement 2019, it is now delayed until it has been thoroughly tested and then will most likely be introduced on a voluntary basis. Further details on the release date have yet to be made available, but it is rumoured to be delayed at least until 2021. 

How can CavanaghKelly help?
There are a number of ways that our team can work with you and your business to help you get ready for MTD. The options have been set out in more detail below.

 

Preparing for Making Tax Digital

Which solution is right for your business?

Option 1 - Self Managed - Implement MTD Computerised Software

You may already be maintainig your own records for VAT and are happy to continue to do so. However, the process may be manual or you may be using a computerised software package that is not MTD ready.

We can:

• Work with you to identify a software that suits your business needs
• Provide software set up
• Scope training needs and provide training where required

Option 2 - Fully Serviced

At CavanaghKelly we can provide a full book keeping service. Our team can draft, review and submit VAT returns. We can also work with you to assess your software requirements or where software is not available, we can keep your records in a digital format for our team to recird, submit and return.

We can:

• Provide a full book keeping service
• Keep digital records
• Submit via bridging software
• Communicate VAT position

Option 3 - Joint Working

You may currently be using a joint working approach to VAT for example by maintaining your own records internally but having them reviewed and submitted externally. Maybe you're using computerised software or excel spreadsheets for your records but upgrading to MTD ready software is not feasible at the moment. In which case the use of bridging software may be a suitable option.

We can:

• Work with you to submit records via bridging software
• Provide excel templates to convert current records
• Draft, review & submit returns, depending on your requirements.

 

 

 

 

*Please note this content has been updated following the Spring Statement 13.03.19