We ask Sue Jones, Financial Director at Helmsley Group about the impact on our clients of making tax digital
Sue says: ‘Both Helmsley Group and Colenso are making the necessary preparations to ensure the smooth transfer to Making Tax Digital, which comes into force from 1st April 2019.
VAT returns will have to be submitted either through compatible accounting software, or through ‘bridging’ software.
The financial team at Helmsley Group has been preparing for this move with seminars and training, to see which software will be most valuable for our clients.
For LLPs and any companies requiring accounts, we’ll be moving from preparing accounts manually using excel spreadsheets, to an accounting package called Xero. This is very user friendly, cloud based software and will cost £264 per company per year.
For our syndicated properties, which don’t require annual accounts, we’ll be submitting VAT returns through bridging software called Absolute Accounting, whereby we input the necessary figures into the software, which it then uploads to HMRC. The cost will be £40 per syndicate per annum.
For any questions please contact Sue on email@example.com