Welcome to MG Accounting Newsletter. As we value our customers highly, we want to add value to our service and will try and send you relevant information on a regular basis to keep you informed of important changes in the UK.
Making Tax Digital (MTD)
Overview VAT-registered businesses with a taxable turnover above the VAT threshold (currently £85,000) are now required to use the Making Tax Digital system to keep records digitally and use software to submit their VAT Returns for VAT periods starting on or after 1 April 2019 (i.e. your VAT returns for periods ended 30 June 2019 or later).
MTD does not affect businesses with turnover of less than £85,000.
More information to follow shortly.Government Gateway Account
To help our customers, we have set up a Government Gateway Account for each customer, so that you can log in and check your HMRC status. This is a link with instructions we have prepared for you to help you log in. CIS clients may see a large “Credit” on their account. Please ignore that, as this is the monthly CIS tax, which can be claimed only after the end of the tax year. If you do not have subcontractors, then the full annual CIS tax amount will be entered at the end of the tax year, rather than each month.
If you have not received an email from us with your Government Gateway Account, please send an email to email@example.com and she will contact you.