Entirely North West

LANCASHIRE FINANCE NEWS

Monday June 18 2018


Pierce supports businesses preparing for digital VAT after HMRC U-turn


Pierce is warning all VAT registered businesses to be ready for Making Tax Digital following HMRCs U-turn decision.



Pierce supports businesses preparing for digital VAT after HMRC U-turn

Pierce is warning all VAT registered businesses to be ready for Making Tax Digital following HMRC’s U-turn decision.

Initially, plans were laid out for landlord and other self-assessment businesses to start using the process from April 2019, but now all businesses with a taxable turnover above the VAT registration threshold (currently £85,000) will be required to keep their records digitally.

Businesses will have to send their VAT returns using Making Tax Digital compatible software, replacing the old method of submitting their figures on HMRC’s website, making the process more effective and efficient going forward.

Pierce is helping businesses move over to the new digital platform, ahead of the introduction in April 2019, by offering a free consultation to look at the most suitable software options for the company.

Ahead of the deadline, there are many challenges that businesses will have to factor in, including:

·         Converting manual records into a digital version

·         Converting spreadsheets to a recognised book-keeping software that will link directly to HMRC

·         Adapting bespoke software to work in line with the new processes.

·         Upgrading old software that may no longer be compatible

 

Pierce can help clients prepare efficiently for Making Tax Digital by:

·         Assisting businesses to select the most appropriate software for their requirements

·         Implementing the software

·         Providing thorough training during the initial set-up and when required

·         Taking the headache away by providing a full package

For more information on getting your business ready for the introduction of Making Tax Digital, contact Pierce on 01254 688 100 or email m.scott@pierce.co.uk.

 

Margaret Scott is the Online Services Manager at Pierce.



"Businesses will have to send their VAT returns using Making Tax Digital compatible software, replacing the old method, making the process more effective and efficient going forward."
Margaret Scott, Online Services Manager at Pierce








DISCLAIMER: The statements, opinions, views and advice expressed in this article are those of the author/organisation and not of ENTIRELY. This article should represent information correct at the time of publication however whilst every care has been taken to present up-to-date and accurate information, we cannot guarantee that inaccuracies will not occur. ENTIRELY will not be held responsible for any claim, loss, damage or inconvenience caused as a result of any information within this article or any information accessed through this site. The content of any organisations websites which you link to from ENTIRELY are entirely out of the control of ENTIRELY, and you proceed at your own risk. These links are provided purely for your convenience and do not imply any endorsement of or association with any products, services, content, information or materials offered by or accessible to you at the organisations site.






Discover the best Industry News & Opinion on Entirely















Hanley & Co Chartered Accountants and Business Advisers


Hanley & Co are Chartered Accountants and Business Advisors based in Ashton-Under-Lyne, Blackpool and Manchester. We use our practical experience (gained with over twenty years in practice) to give our clients practical, positive advice throughout the year. Hanley & Co are the 'Accountants You Can Talk To'.






Matt Robinson

Commercial Director at Ping Finance


It is my role to help businesses and property investors to source finance. Ping Finance acts as the middle-man that specialises in property finance, asset based lending and unsecured loans.






Richard Hepburn

Operations Manager


Richard Hepburn is the Operations Manager at Gorilla Accounting, a technology-driven accountancy firm, exclusively for contractors and freelancers operating through a Limited Company.






Greystone Financial Services

Financial Services and Investments


Greystone Financial Services is an integrated wealth management group comprising financial planning and advisory services, and in-house fund management. We are a Chartered, Top 100 IFA firm, currently managing over 1 billion of assets on behalf of our clients. Many of our advisers and Directors have been with the firm since its inception in 1989. Greystone Financial Services is an extremely stable business, having adopted the recurring incomefee based operating model as far back as 1995.






Lucas Johnson


Insolvency Practitioners with a difference - we GUARANTEE to deliver a solution to your problem. The solution will be right for you to achieve your objectives. We cover the entire North West, so wherever you are we can serve your needs.






RECOMMENDED FOR YOU ON ENTIRELY FINANCE






New partner at Clive Owen LLP in York


FCCA qualified Rob has more than 30 years experience in regional accountancy firms, specialising in audit, accounts, business planning and tax. As a Xero certified adviser, he has specific expertise in cloud accounting