BrumPod Episode 3 – UK Government’s Making Tax Digital
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BrumPod Episode 3 – UK Government’s Making Tax Digital – will it work?
In this episode we talk about the UK government’s digital initiative, ‘Making Tax Digital’, which is designed to make business owners’ lives easier by creating a seamless digital workflow, simplifying the tax and VAT submission process.
Those that’ll be hardest hit initially are smaller businesses who maintain their accounts through offline spreadsheets. It will require transitioning to third party cloud software platforms like QuickBooks, FreeAgent etc, as they will work hand in hand with the government’s ‘MTD’ API.
The first stage is rolling out in April 2019, so if you’re VAT registered then you need to start preparing now.
We discuss the various points of view, and the significant pitfalls that most business owners everywhere could find along the way. The long and short – be prepared!
Further reading, and info quoted during the show:
quickbooks.intuit.com/uk/making-tax-digital/
www.accountancyage.com/2018/08/16/making-tax-digital-challenges-and-timescales/
www.sage.com/en-gb/blog/making-tax-digital-in-trouble/
www.accountancyage.com/2018/08/08/making-tax-digital-a-simpler-system-or-muddying-the-waters/
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Music by Birocratic – birocratic.com