Thorne Widgery, one of Hereford’s most innovative firms of accountants, has hosted a number of free seminars to help businesses prepare for the Government’s online tax regime Making Tax Digital (MTD).
Due to come into force from April 2019, MTD for VAT will require those businesses with a turnover above the VAT threshold of £85,000 forced to comply with new rules, which will require them to submit their VAT records online every quarter.
With such a burdensome new regime on the horizon, the experienced online accounting specialists at Thorne Widgery held a series of talks for local entrepreneurs and business owners to help them prepare for the changeover.
The free talks, which took place on Tuesday 19th June and Thursday 21st June at the firm’s offices in Wyevale Business Park, King’s Acre, advised businesses on the steps they needed to take to be compliant and explored various options open to companies looking to meet the new reporting requirements.
Stephen Smallwood, Managing Director at Thorne Widgery, said: “It has been well publicised that a large number of businesses in the UK are unaware of the upcoming MTD regime, but at both events we found a very receptive audience who were hungry to learn more about this new tax system and the practical solutions available to them,
“Feedback received from those who attended was extremely positive and they left with a comprehensive overview of MTD and they were able to take something away that will help them.”
Thorne Widgery plans to host additional seminars in the future between now and April 2019 to help businesses get to grips with MTD.
“Our main fear at Thorne Widgery remains that not enough people are prepared for this new regime or believe that their existing digital system is compliant when it may not be, but we hope that these events will prove useful to those making preparations in the months to come,” added Stephen.
As one of the leading partners of internationally-recognised software providers, Xero, Thorne Widgery is perfectly placed to advise businesses on the best approach to MTD.
To find out more about Thorne Widgery’s innovative online accounting services, please visit https://www.thornewidgery.co.uk/xero-software/