31st October 2018
Thompson Jenner LLP, one of Devon’s leading firms of accountants and business advisers, has hosted a packed seminar to help Exeter businesses prepare for the Government’s online tax regime Making Tax Digital (MTD) for VAT. The MTD for VAT deadline is on the 1 April 2019, when most UK businesses with turnover above the £85,000 VAT threshold will need to keep records digitally and submit VAT returns to HMRC using MTD-compatible software.
The seminar follows a similar event which took place place on the 11th October at the Manor Hotel in Exmouth. Following the same successful format, Thompson Jenner LLP Partner Jon Westley and invited leading accounting software specialist Xero, gave an overview of the new requirements, the software solutions that are available and what businesses need to be doing in order to be compliant with the new reporting requirements.
Jon Westley of Thompson Jenner LLP said “We are really pleased with the turn out again today to our seminar. Although HMRC made the surprise announcement on 16 October that certain complex and specialist businesses will have a new deferred filing deadline of October 2019, most businesses will need to be ready for April. However, those moved to the new October deadline should still take note as the same rules will apply to them. With businesses potentially having the added complication of having to adapt to new VAT legislation from March, after Brexit, the smart solution is to prepare now.”
He went on to say “It has been well publicised that a lot of businesses are not fully aware of the MTD for VAT requirements and we have therefore been very pro-active in getting our clients well prepared in good time. Running these events is just a part of the help and support we are giving our clients to ensure that they are ready.”
The firm’s Partner’s and Exeter team of VAT, bookkeeping and cloud accounting specialists made themselves available after the seminar to discuss individual client requirements and to arrange further meetings.
The feedback from the attendees was once again extremely positive and we would like to thank everyone for coming along and for making the event such a success.