SMEs positive about Making Tax Digital

(2 minutes to read)

From 1st April, Making Tax Digital comes into force for VAT-registered businesses, meaning those with a VAT taxable turnover exceeding £85,000 will need to keep records digitally and submit all future VAT returns using compatible software.

Latest findings have revealed that one in four decision makers working for SMEs believe that Making Tax Digital (MTD) will have a positive impact on their business.

Of the 1,000+ SMEs questioned as part of the YouGov survey, 26% said that the process to move taxes onto a digital platform would be a good thing for their business over the next five years.

Just 16% believe it would have a negative impact, while 46% said it would make no difference.

Brian Palmer, Tax Policy Expert for AAT, commented, “HMRC believes that when Making Tax Digital has been fully rolled out, it will ultimately make complying with tax return filing obligations easier for small businesses individual taxpayers and even HMRC itself. The launch of MTDfV is merely the first step along the road to HMRC achieving its ambition to completely digitise the UK tax system.

“I believe that the real benefit to business arising from digital accounting will be access to near limitless real-time information at the press of a button. This will empower businesses and tax payer to proactively plan their finances more effectively in the future.”

Still thinking about if you should join Dolan Accountancy?

Give us a call on 01442 795100 or email jaime.thorpe@dolanaccountancy.com

Email Jaime

Worrying, 11% of SMEs affected by MTD felt that they were ‘very’ or ‘extremely’ unprepared for the changes. Fifty-six per cent were ‘fairly’ or ‘extremely prepared’.

Brian Palmer added, “While it’s clearly a concern at this late stage that some small businesses are totally unprepared for the first phase of MTD, there is still some time for them to prepare. The vast majority of those businesses affected by MTD for VAT won’t have to submit their first return until well after the end of the first quarter of the 2019-20 tax year, sometime around the end of July or even early August. This means that there is still the opportunity to sort a digital software provider, or speak with an accountant who can help you get on the right path.”

To find out more about contracting please contact James on 01442 795 100 or email james.trowell@dolanaccountancy.com

Why Dolan Accountancy?

Dolan Accountancy was set up by Simon J Dolan, the man behind the well-known brand SJD Accountancy. With over 25 years experience in the contracting marketing, Dolan Accountancy has the heritage, reputation and credibility you can trust. Working closely with our sister company, Contractor Umbrella, it means we can offer one low cost, fixed fee package at £95 + VAT per month. This gives you the flexibility of using both our Limited Company Accountancy Services and our award winning Umbrella Service, for one inclusive cost. We don’t believe in tiered packages or hidden extra fees, instead we aim to give you everything you need, including:

  • Free Company Formation – This is where it all begins. Once you have decided on an available name, we will form your company free of charge (if using our accountancy services) and it will be ready for you to use in as little as three hours.
  • Free use of Contractor Umbrella – With changes in Public Sector IR35 Legislation we understand that sometimes you are required to contract via an umbrella company. We will keep your limited company ticking over, while you work margin free via our sister company, Contractor Umbrella.
  • A Dedicated Accountant – Your accountant will be there for any company or personal tax advice that you require. We will never outsource work, even to internal teams.
  • Free Access to FreeAgent – The founder behind the multi award winning FreeAgent platform was one of Simon’s first clients, therefore it only seems fitting that we offer all of our clients access to FreeAgent, free of charge.
  • Free Business Banking – We have decided to waive our commission so our clients can use Tide free of charge for the first year.
  • Unlimited IR35 Status Reviews – We will review all of your contracts for IR35 purposes and provide you with our professional opinion as to its status.
  • Free Registered and Director’s Service Office Address – Sometimes you just don’t want your home address on display at Companies House. When you sign up to our accountancy services, we will offer the use of our address as an alternative.
  • Your Business and Personal Taxation Needs – This includes Company Accounts, Director’s Personal Tax Return, VAT Returns, Payroll, Corporation Tax and Dividend advice, to name just a few.
  • Same day payments- We offer same day payments as standard providing funds are received into our account by 9am, for no additional fee.

If you’d like to find out more about how Dolan Accountancy can help you and your business, please give us a call on 01442 795100 or email sophie.lewis@dolanaccountancy.com or jaime.thorpe@dolanaccountancy.com.

dav1