01904 682 800

mail@helmsley.co.uk

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 sue-jones@helmsley.co.uk

Definitions

High Net Worth Investor – An individual who has signed, within the period of twelve months ending with the day on which communication is made, a statement to confirm they have an annual income of not less than £100,000, or net assets, excluding their primary residence, of not less than £250,000.

Certified Sophisticated Investor – An individual who has a written certificate within the last 36 months by an FCA Approved Person confirming that the Investor is sufficiently knowledgeable to understand the risks associated with engaging in investment activity in non-mainstream pooled investments

Self-Certified Sophisticated Investor – An individual who has signed, within the period of twelve months ending with the day on which communication is made, a statement to confirm that have sufficient knowledge to understand the risks associated with engaging in investment activity in a non-mainstream pooled investments.

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