This edition is a must read for all businesses who are using or not using a cloud accounting system as Making Tax Digital is getting closer and closer. For businesses already using a cloud based accounting system like Xero, you will not be affected by Making Tax Digital until April 2020. However, for those businesses who are not using a cloud based system to file VAT returns, you will need to be ready to change sooner rather than later as from April 2019 (which is only 18 months away) businesses must submit their VAT returns via their bookkeeping system.
We also welcome Neill’s latest blog. This month he looks at HMRC and what they know about you, especially in regard to property and land transactions. HMRC’s insight means it can now target people who have bought and sold properties and not returned the gains.
In this edition we also discuss:
- Do I really Need to Bother with a Business Plan?
- Our Next Event – Cloud Drop-In
- Key Tax Dates for November 2017
- Xero Add-On of the Month – Arthur
- Tax considerations when a sole trader takes on a partner