Businesses across the UK are struggling to get to grips with one of the most significant changes to taxation in the last 70 years – Making Tax Digital (MTD).
However, one of London’s top 100 accountancy firms, Grunberg & Co, is leading the charge by helping companies prepare for the introduction of digital taxation in April 2019.
Under MTD, the majority of VAT-registered businesses with turnover in excess of £85,000 will be required to record and report their VAT information digitally to HM Revenue & Customs from April 2019.
The majority of businesses will be able to comply with the new requirements using a ‘cloud’ accounting package, which will also deliver a number of important benefits to firms such as live collaboration with their accountants and advisers and round the clock access to their accounts.
Ben Grunberg, Partner at Grunberg & Co, said: “MTD and its requirements may sound complicated but the process for recording and reporting information is relatively straightforward with the right advice and an effective software package.”
Ben is part of a team at the firm that has spent the last three months advising a wide range of businesses on MTD at free workshops as part of Grunberg & Co’s wider crusade to help companies prepare for the new rules.
The firm intends to hold another of its MTD Workshops on 14 February 2019 at its head office in Colindale, north London. There will also be a simultaneous workshop at their Moorgate office too. Details of these events and how to book your place can be found here.
“Recent research from the Institute of Chartered Accountants in England and Wales has shown that the majority of businesses remain fairly unaware of the changes ahead and that many that are aware simply aren’t sufficiently prepared,” Ben added.
“It is imperative that owners act now to prepare themselves and get the right software and process in place.”
To find out more about Grunberg & Co’s MTD related services, please contact us.