Tax is the cause of many business headaches and even more expensive penalties. However, the hassle of tax planning can be mitigated with the right guidance, and Fawcetts are the experts.
We can help with effective tax planning in the form of annual reviews to take into account not only changes to your business, but changes in tax legislation. We also take care of your business tax requirements such as PAYE, self assessment, VAT and other taxation, such as import and export.
- Capital gains tax
- Corporate tax
- Partnership tax
- Tax investigations
- Personal tax
- Inheritance tax planning
- Trusts and estates
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HM Revenue & Customs (HMRC) has opened a public pilot of Making Tax Digital (MTD) for VAT.
The pilot is open to sole traders and companies that are up-to-date with VAT, who have not received a default surcharge in the last two years.
Some other groups will need to wait to join, including those:
- trading with the EU;
- based overseas;
- submitting VAT returns annually;
- making payments on account;
- using the VAT Flat Rate Scheme; or
- who have never submitted a VAT return in the past will need to wait to join.
HMRC has also announced that a small number of the most complex businesses will have a six-month deferral to October 2019 before they need to comply with the requirements of MTD for VAT.
MTD for VAT will require businesses with turnovers of £85,000 or more to keep digital records and make quarterly digital submissions to HMRC using ‘designated software packages’ from next April.