Making tax digital
HMRC has took the initiative to make tax digital to ensure that the UK tax system is efficient, easy and effective for taxpayers.
HMRC, from April 2019 has made it mandatory for VAT-registered businesses whose threshold is above £85k to record and submit VAT returns digitally by using software recognised by HRMC for example Xero, Quickbooks and Sage.
What is Making Tax Digital (MTD)?
MTD is an initiative taken by the UK government to simplify and streamline the process of paying tax. Most of the customers find it difficult to get their tax right which is evident from the latest tax gap statistics which shows that avoidable mistakes cost Exchequer over £9billion a year. Moreover, the implementation of digital tax will help in improving accuracy and the information can be sent directly to HMRC from the digital record reducing the amount of tax that is being lost to these avoidable errors.
The implementation of MTD is possible by using software’s to keep digital records and providing updates to HMRC. The guidelines are clear in this matter and business who fail to use the relevant software’s will have to face the consequences.
HMRC extended the deadline for business below the threshold of £85,000 for submitting their VAT returns digitally by using MTD-compliant software’s. These businesses can opt in to this scheme but it’s not mandatory for them at the moment. On the other hand, in order to implement MTD companies need to utilise latest technological software’s. This can be challenging for businesses converting from manual accounting methods or for candidates willing to apply for accounting job that have the theoretical knowledge but are not equipped with the practical skills to use these software’s.
Therefore, this demands practical training on electronic accounting methods to be more employable. KBM offers a diverse range of computerised accountancy training to equip candidates with the relevant skills. Every program is designed to target certain level of accountancy jobs and is delivered on one to one basis by certified professionals on real company documents. Our training programs matches the job description advertised in most accountancy jobs to ensure that you gain those skills which are in demand.
The details of these programs can be seen here https://www.kbmtr.co.uk/. You can call us on London: 02089924506 Birmingham: 01212601898 or Email: email@example.com to book a FREE consultation session with one of our accountants.