The Chalfont Bookkeeping Service Limited isn't a financial advisor service but a gentle reminder that the end of the 2018/19 tax year is fast approaching with the last day being April 5th. So if your business or on a personal level you have excess funds check with your financial advisor on the best way to use any allowances before the tax year ends.
Also fast approaching is Making Tax Digital for VAT (MTD) which for those that fall into the government requirement listed below start from 1st April 2019.
Making Tax Digital for VAT
We’ve taken a major step forward in this ambition with the introduction of Making Tax Digital for VAT.
VAT-registered businesses with a taxable turnover above the VAT threshold are required to use the Making Tax Digital service to keep records digitally and use software to submit their VAT returns from 1 April 2019.
The exception to this is a small minority of VAT-registered businesses with more complex requirements. As part of planning for the VAT pilot, HMRC continued to engage with stakeholders and listen to their concerns about business readiness for Making Tax Digital. We have made the decision to delay mandation for these customers until 1 October 2019 to ensure there is sufficient time to test the service with them in the pilot before they are mandated to join - see the timeline below.
Making Tax Digital for VAT timeline
April 2019 Making Tax Digital mandated for all customers (except those that have been deferred).
October 2019 Making Tax Digital mandated for customers that have been deferred. The 6-month deferral applies to customers
who fall into one of the following categories: trusts, ‘not for profit’ organisations that are not set up as a company,
VAT divisions, VAT groups, those public sector entities required to provide additional information on their VAT return
(Government departments, NHS Trusts), local authorities, public corporations, traders based overseas, those required
to make payments on account and annual accounting scheme users.