The Government’s forthcoming Finance Bill will give welcome clarity to business owners on the move to quarterly tax reporting, according to a local specialist.
David Underwood who owns TaxAssist Accountants in Harrogate said: “The next Finance Bill, which is scheduled when MPs return to Parliament in September, will confirm that online quarterly tax reporting for business owners is still firmly on the Government’s agenda.
“But there is a revised timetable for implementation, with VAT-registered businesses affected first, not self-employed tax payers and landlords as previously announced. Local business owners with annual turnover above the VAT threshold – currently £85,000 – will have to submit their quarterly VAT returns through software and apps from April 2019.
All businesses will be required to keep digital records and submit quarterly updates to HM Revenue & Customs online for all their taxes from April 2020.
“Businesses and landlords will be able to adopt the new reporting systems earlier on a voluntary basis and we’re already working with many local business owners who are well ahead of the game on digital accounting.
“We’ve geared up to support them, with an app for their smart phones and tablets and they are telling us that there are significant advantages, including time saving, a clearer cash flow picture, more up to date information on customers’ debts and, in some cases, faster payment of invoices.
“We’re urging all local business owners to seek professional support and educate themselves on these changes to ensure they are fully prepared for the new rules.”
TaxAssist Accountants Harrogate is a local business, operating across Harrogate, Knaresborough and Ripon, providing tax and accountancy advice and services purely to small businesses.