Making Tax Digital

Phase 1 – April 2019

From April 2019 all VAT registered business with a turnover in excess of the VAT threshold (currently £85,000) will have to adhere to the MTD regulations. These businesses will have to keep their VAT records digitally and file their VAT returns electronically through MTD compatible software.

Phase 2 – April 2022

The government currently intends to broaden the scope of MTD smaller businesses and to include income and corporation tax from April 2022. The effective date was April 2021 and has now been deferred to April 2022, at the earliest, subject to formal consultation.

Whilst initially daunting for some, we believe the advancement of technology will radically change the way we interact with clients for the better. MTD is a move towards digital reporting which will open up a new way of working which could bring major benefits. The move will mean that better quality business information will be available on a more timely basis, enabling better decision making. It can also put you in the best possible position to plan for taxes or business changes in a more forward-looking manner.

How we work

At Foxley Kingham we are keen to ensure you meet your filing obligations with the minimum of stress and cost, and in order to do this we have developed a number of ways to support you through this change.

If you are confident about moving to an electronic accounting package Foxley Kingham are certified users of SAGE, Xero and QuickBooks, so through our dedicated online accounting service FoxKash, we can provide licences or help support you in the changeover.

If you are less confident about moving to an electronic accounting package but would like to give it a try, our certified software team will be able to set you up and provide the training and support you need to get started. We can review your entries regularly and provide advice and feedback as a pre-check ahead of any HMRC submission.

If online accounting really doesn’t appeal to you, we have launched FoxKash, a new independent service specifically designed to provide you with online book keeping support at a sensible budget.

It has a completely transparent fee structure and there are dedicated team members available to take the work off your hands, or answer any queries, working with you to not only meet your filing obligations but to make the most of this exciting new technology.

As part of our support we are running FREE drop in or phone in sessions once a month from January 2021. No booking or payment required, just drop into the office or call us on 01582 540800. Available dates are listed on our accountancy events page.

For more information on software and support click here or go to our FoxKash site.

Find out what we can do for you

Give us a call on 01582 540800 and speak to a member of our MTD or FoxKash team, or fill in our contact form to book a free, no-obligation appointment.