What's on in 2018 (or at least what's left of it...)

Is time pinging by really fast for anyone else?

Or is it just me?

www.xmasclock.com (just saying)

Actually I know the answer to that question.  Everyone I ask says that 2018 has flashed by like no other they can remember.

It was summed up neatly when I overheard one of our team (who's 24 (when I was 24 years old Friday seemed like a lifetime away on a Monday morning)) talking to a colleague.

'Monday morning, again!' said the colleague with a bit of a sigh in her voice.

'I wouldn't worry about it,' says our 24 year old, 'it'll be Friday again in five minutes!'

And I get the sense that time isn't going to slow up just yet, especially when there's so much to get through in 2018 - and into 2019 if I'm honest.

Okay, so let's start with tax (well we would, wouldn't we).

Having delayed its introduction for a year Making Tax Digital is very much on the radar again - and HMRC have confirmed that the new process for reporting will go live from April 1st 2019.

Without doubt, no more delays, it is happening... according to HMRC.

I actually learned what HMRC is trying to do with Making Tax Digital the other day.  They want to become the most digitally enabled tax authority... in the World.

Nice

The first group of businesses to go live with Making Tax Digital are VAT registered limited companies... and companies with turnover of more than £85,000 even if not VAT registered - because they are making non-VATable supplies for example.

What MTD means is that companies and eventually just about everyone, will have to submit returns to HMRC four times a year and then submit a consolidating return, too.  It all has to be submitted digitally.

Over the first year returns will simply include the headline figures.  In future HMRC will have access to the background workings...

With Making Tax Digital on the horizon it's time to start the conversation again and we'll be out to all our customers who are affected by the new legislation with suggestions, plans, communications and processes... we'll do it bit by bit over the next five months.

Ahead of our communication about MTD if you have any questions get in touch - it's better to know!