Firstly, we hope you and yours are keeping well. These are difficult times, both personally and in business.
We’re still working, remotely of course these days, and we’re putting in the hours to understand each new business scheme and how they are interpreted by HMRC.
To help you find the best way ahead in these unsettling times we’ve put together a webpage of resources explaining every COVID-19 measure. There’s also information about how to join our frequent interactive video Q&A sessions. To find it, please go to: COVID-19 Support
Stay safe everyone, together we will get through this, take care and lets look after each other.
All you need to know and no jargon
Making Tax Digital is a HMRC initiative designed to make the tax system effective, efficient and easier for taxpayers.
MTD for business began on the 1st April 2019. It is now a legal requirement for VAT registered businesses above the £85k threshold to keep digital records and submit VAT returns using compatible software.
Other components of Making Tax Digital, such as Corporation Tax (for businesses) and Income Tax (for the self-employed and landlords) will be coming into effect in 2021 at the earliest.
Pentlands are here to help, and we will keep you informed ahead the deadlines.
As a new Pentlands client we will take the time to understand your accounting needs and recommend the right services for you. We will explain how MTD relates specifically to your business.
We will carry out a Making Tax Digital Compliance Check of your accounting processes.
We will confirm your Making Tax Digital Compliance Status, your next steps and any associated costs to get you compliant. For clients using Xero, we anticipate that little or no further action will be required.
Moving to Pentlands was the best decision we could have made. They just get it and understand our needs.
Our accounts are now on Xero and we have real time access to critical information we require to make strategic decisions for the growth of the business.
David Hooper, Director of Independent Freight.
We have the expertise and experience to help you keep on top of your responsibilities, from statutory deadlines to all the necessary paperwork. With our in-depth knowledge and awareness of the latest requirements, we ensure that none of your tax bills are more than they need to be.
By working closely with you to manage your accounts and make effective decisions, we get to know you and your business. We can help you grow organically or through acquisition, with the right advice for each scenario.
We can provide strategic advice for the more difficult decisions, such as planning your exit strategy, selling your business, pensions provisions and investments. When the time is right, we’ll help you realise the value you have worked so hard to create.
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