MAKING TAX DIGITAL AND LFB ACCOUNTS
VAT-registered businesses with a taxable turnover above the VAT threshold (currently £85,000) are required to use the Making Tax Digital (MTD) service to keep records digitally and use software to submit their VAT returns from 1 April 2019. Businesses with a taxable turnover below the VAT threshold can also sign up for MTD for VAT voluntarily.
Making Tax Digital is about more than filing a VAT return digitally, you are also required to store VAT information digitally (digital record keeping) and if you use more than one piece of software to store your VAT information and do you VAT return, they must be ‘digitally linked’. Preparations for this should start well in advance.
Approximately 200,000 HMRC Making Tax Digital letters are being issued to businesses to let them know about the new service and how VAT record keeping and the way that VAT returns are submitted will change from April 2019. If you haven’t received a letter, you should contact HMRC as you need to register.
We have our own computerised accounting programme, LFB Accounts, supported by Landmark Systems which is available via the cloud. This will enable us to work together using shared access to client accounts on the system, to check data input and provide practical support – technical support will be provided by Landmark. choosing the right technology will potentially, when used effectively, drive down the costs of accounts production and reduce administration costs considerably.
LFB Accounts will ensure that clients are ready for the requirement to keep digital books and records using software that is compatible with HMRC’s interface. We will still be working with all other accounts software packages used by our clients.
The benefits of using LFB Accounts are:
No upfront set-up costs.
No emailing of large backup files.
Input codes will already be created in an LFB format.
Full access to accounts information at any time.
Full Landmark technical support.
Easily accessible from any computer or device.
Easy transition to Making Tax Digital.
Tax Planning | Family Agreements | Family AGM | Succession | Accounts | Wealth | Generations | Diversification | Property | Mediation
Churchgates Land Family Business is a limited company in England and Wales No. 10767660
Registered office Home Farm, Abbots Ripton, Huntingdon PE28 2LD.
Churchgates Land Family Business © 2020