What are we focusing on this quarter? Well, putting aside the turmoil of Brexit – something we can do absolutely nothing about – and acknowledging with a smile that a new tax year has begun, we’ve had our sleeves rolled up getting our hands dirty with Making Tax Digital.
That’s right. It’s started. If your taxable turnover is over £85,000 and you submit quarterly returns you’ll need to submit your first making tax digital VAT return by 7th August.
But don’t panic! That means you still have time to get it sorted if you haven’t done so already. And it isn’t as bad as it sounds either. The government has provided plenty of information on it. There is free/ low-cost software available to help you with it. And HMRC have assured everyone that there will be a ‘soft landing’ period between April 2019 and March 2020 in which there will be no financial penalties for record keeping failures.
So, why not relax for a bit now and put a little time aside with a coffee to have a read of this latest issue of The Business Godparent? Once again we hope you’ll find it packed full of useful tips to help you tackle the weird and wonderful world of accounting, and give you the odd smile too.
To watch the video content on the newsletter, simply download the Metaverse app to your mobile device. Launch the app and scan the QR code on the newsletter.
And so with no further ado, we welcome you to the new tax year and invite you to join us in rising to the challenge of another three months… whatever they may bring!