VAT and Making Tax Digital

VAT can have many implications for businesses – in fact, this tax is so complex and ever-changing that many businesses, unfortunately, end up overpaying or underpaying their due VAT (unintentionally). Even similar transactions have a tendency to produce very different VAT outcomes for any given type of business.

Dealing with these unnecessary VAT issues can divert valuable business resources that can be strategically utilised elsewhere.

At ph&co, our esteemed accountants provide generic and highly tailored advice on all VAT issues so that your business is always compliant with the latest VAT regulations. There’s absolutely no need to pay more tax than due, is there?

We will advise you on the everyday VAT implications of business deals to ensure that your compliance is always in check. Our VAT accountancy services include registration and returns preparation.

It was announced by the HMRC in the first quarter of 2015 that Making Tax Digital would be completely overhauled online as the government has invested £1.3 billion to make HMRC a digitally superior tax administration.

As a business, you have until 2020 to comply – this transition is mandatory and can drastically change how you operate your business.

Businesses, landlords and self-employed taxpayers are required to register, pay and update all information online every quarter, as long as their annual turnover is £10,000 or higher.

Even though HMRC has ensured that the transition will be smooth and seamless, it is still a significant change. It is critical not to get left out of the loop once Making Tax Digital goes into effect. Fortunately, our proactive approach to these changes means that we can prepare your business for any challenges that may lie ahead.

We’ll lend you our MTD expertise on online accountancy software – we are already well-versed in a variety of HMRC-approved software and know exactly how to get your business off to a flying start.