Just at this moment, everyone in the office is doing the final polishing to their preparations for guiding clients into the world of Making Tax Digital.
This is the brave new era when businesses (just VAT registered ones for now, but everyone else soon enough!) must make quarterly accounting reports to HMRC, supposedly to make things more efficient and reduce errors. The hope is, of course, that more tax can be collected.
I may seem a little jaundiced here, but it does seem to me that much reorganisation seems to take place to make life easier for someone else and we as individuals and small businesses end up with the extra work. For example online banking means that we process all the Banks’ transactions for them using our own computers, and then they shut branches because we are told that we don’t need them any more! Making Tax Digital is just the same – we have to do things differently to make life easier for HMRC. Wouldn’t it be nice if, just for a change, things were reorganised to make life easier for the customer (and yes, HMRC still insist on calling us customers, apparently without irony!)?
Anyway, be that as it may, the crux of the matter is that now is a time when it is even more important than usual to ensure that internal structures in our companies are effective and efficient and that our eyes on the ball when it comes to understanding new rules and regulations.
As I may have mentioned once or twice before (!!), ignorance is no excuse under the law, whether it be for taxation purposes or those Health & Safety rules and regulations beloved by all small business owners! I would urge all business owners, large or small, to ensure that all requisite policies are in place. If you are not sure what you need to know, get in touch with someone who does. By which I mean a professional please, not a mate down the pub!
Making Tax Digital is just such a change in the law, so please find out from your Accountant when you are due to change your accounts reporting under these new arrangements, and ensure that you will not get penalised for slipping up.
Finally, let’s end with some good news, and celebrate the fact that the Mendip Business Awards have once again shown Wells to be a town with great business attitude! Congratulations to Danny and the team at Loaf Cafe and Bakehouse for their ‘Best Newcomer’ award. We are looking forward to our next Free Business Advice event at their excellent establishment sometime in August … watch this space! The last one was very successful and we all felt that the relaxed and friendly atmosphere and great coffee really helped!
Take care and have a good summer …