TaxAssist Accountants warns of tax return changes

TaxAssist Accountants has been informing its customers of the upcoming changes to the way tax returns are completed.

Following the Budget 2018 speech, which can be full of confusing and complex announcements about financial matters which affect our everyday lives, TaxAssist Accountants published a helpful article explaining how the changes to VAT returns will affect small businesses.

The announcement of the MTD (Making Tax Digital) programme for VAT returns means that by April next year, all small businesses who have a taxable turnover above the VAT registration threshold of £85,000 will now have to file their VAT records using MTD-compatible software. TaxAssist Accountants explains that, despite previous fears that the VAT registration threshold could be lowered by a massive 50%, the smallest businesses in our country are safe from any changes to the threshold until at least April 2022.

The bookkeeping and accounting franchise made it clear that all businesses will need to start filing their taxes online in the near future, regardless of their size. It explains that the government is keen to implement the MTD scheme for all other taxes by April 2020 and warns businesses to make the adjustments during the next two years so that they aren’t caught out by sudden changes.

TaxAssist Accountants also shared the news that the Government is ploughing more than £200 million into getting rural areas full fibre internet so that online tax returns will be made much easier for them. Starting in areas including the Borderlands, Cornwall and the Welsh Valleys, its hoped that the investment will boost businesses’ internet access and ensure they’re not left behind.

Anyone who finds changes to the way taxes work confusing and daunting can seek advice from their local TaxAssist Accountant franchise. With more than 300 locations across the UK, it couldn’t be easier to speak to an expert at a price that’s affordable.