Ambassador House | 61 Worcester Street | Wolverhampton | WV2 4LQ

Making Tax Digital for your business

We’re committed to helping businesses submit their taxes digitally.

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Payroll Services - Everest & Co Accountants

We help the Making Tax Digital transition seamless.
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VAT - Everest & Co Accountants
Making Tax Digital
VAT

We can help you keep digital records of VAT returns through market leading accountancy software.

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Self Assessment - Everest & Co Accountants
Making Tax Digital
Self Assessments

We have the expertise and software to take the headache out of the form filling and compliance aspect of Self Assessment.

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Book keeping - Everest & Co Accountants
Making Tax Digital
Book Keeping

We can help you with all your general bookkeeping requirements, either at your business premises or at our office.

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Making Tax Digital for Businesses

Making Tax Digital (MTD) is a system introduced by HMRC, intended to make tax administration more effective and efficient. The key requirement under MTD is to keep records in a digital format and to submit this information to HMRC using compatible online software’s.

At Everest and Co Accountants, we are here to help with the transition from manual to digital record keeping by using compatible software’s, such as Xero and assisting you in fulfilling all MTD obligations.

Making Tax Digital Deadlines:
  • Already in effect (since April 2019) for VAT-registered businesses with a taxable turnover above £85,000.
  • April 2022: VAT-registered businesses with a taxable turnover below £85,000.
  • April 2023: Self-employed businesses and landlords with annual income above £10,000.
  • 2026: The particulars of MTD for Corporation Tax have not yet been confirmed. But HMRC has said it won’t be applicable any sooner than 2026.

VAT

Under Making Tax Digital for VAT (MTDfV), businesses with a turnover above the VAT threshold must keep digital records for VAT purposes and provide their VAT return information to HMRC using MTD functional compatible software.

Keeping digital records and making quarterly updates will not be mandatory for businesses below the VAT threshold  which have voluntarily registered for VAT, although such businesses can opt to join the scheme. There are some exemptions from MTDfVAT. However, the exemption categories are tightly-drawn and are unlikely to be  applicable to most VAT registered businesses.

How we can help

Ensuring that you comply with all the VAT regulations is essential. We can assist you in a number of ways including the following:

  • Tailoring your accounting systems to bring together the VAT information accurately and quickly
  • Ensuring that your business is VAT efficient and that adequate finance is available to meet your VAT liability on time
  • Providing assistance with the completion of VAT returns
  • Negotiating with HMRC if disagreements arise and in reaching settlements
  • Advising as to whether any of the available schemes may be appropriate for you
  • Helping you comply with the MTD for VAT regime.

If you are starting, or have recently started a business in the West Midlands area and you would like to discuss any of the points mentioned in this VAT summary please contact us at Everest & Co – Accountants.

Self Assessment

We have the expertise and software to take the headache out of the form filling and compliance aspect of Self Assessment. We can provide you with practical advice on personal tax and the planning opportunities available to you. Over recent years HMRC have increased the penalties for failing to file a return on time and for errors.

We can complete tax returns, calculate any tax liability and advise you on exactly when to make payments and how much to pay.

Book Keeping

The Real Time Information requirements are wide ranging and potentially onerous on employers.

We at Everest & Co – Accountants, can help you to set up and run your payroll on your behalf. We set out below details of how payroll information has to be submitted to HMRC under Real Time Information (RTI).

Under RTI, employers or their agents are required to make regular payroll submissions for each pay period during the year, detailing payments and deductions made from employees each time they are paid. There are two main returns which an employer needs to make which are detailed below.

Full Payment Submission

Employers may also have to make a further return to HMRC each month, the Employer Payment Summary (EPS) to cover the following situations:

  • where no employees were paid in the tax month
  • where the employer has received advance funding to cover statutory payments
  • where statutory payments are recoverable (such as Statutory Maternity Paternity or Shared Parental Pay) together with the National Insurance Compensation payment; or
  • where CIS deductions are suffered which could be offset (companies only).
Making Tax Digital
VAT
Self Assessment
Book Keeping
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Have a question?

Read through our FAQ section below.

For an accounting period starting on or after 6th April 2023, self employed people and landlords (who rent UK property, excluding furnished holiday lettings) who make over £10,000 annually, will need to comply with MTD rules. Instead of filing a self assessment tax return, you’ll need to use compatible software to keep records and send an income and expenses summary to HMRC every three months. After the end of your accounting period, you will need to send a final report to HMRC and your tax for the year will be calculated.
Before registering for MTD, you must have compatible software in order to keep records digitally and submit returns. To sign up, you will need the following:
 
– business email address
– Government Gateway user ID and password
– VAT registration number and latest VAT return
– National Insurance number if you are a sole trader
– company registration number and Unique Taxpayer Reference (UTR)
 
You can sign up at least 3 days before your VAT return is due (if no direct debit is set up). Otherwise, do not sign up less than 7 days before your return is due and 5 days after your return is due, if you pay via direct debit. 
 
For an accounting period starting on or after 6th April 2023, self employed people and landlords (who rent UK property, excluding furnished holiday lettings) who make over £10,000 annually, will need to comply with MTD rules. Instead of filing a self assessment tax return, you’ll need to use compatible software to keep records and send an income and expenses summary to HMRC every three months. After the end of your accounting period, you will need to send a final report to HMRC and your tax for the year will be calculated.
Under making tax digital rules, businesses will need to use compatible software to send their returns. Some of these software’s include Xero, Quickbooks and Freeagent. You can find a list of compatible softwares here https://www.tax.service.gov.uk/making-tax-digital-software