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Hughes Waddell is an independent firm of Accountants based in Godalming offering accounts, taxation and business advisory and support services to a wide range of businesses, individuals and trusts.
At Hughes Waddell we provide a friendly, cost-effective, high value solution to meet all of your financial needs. We work hard to get to know you in order to deliver both timely and individual advice on how to improve your business and personal wealth. To find out more about how we can help you and your business click here for an overview of our services.
To find out more about how we can help you and your business click here for an overview of our services. To find out more about us click here. To access a wealth of information visit our resource centre or view our free factsheets.
We have a range of accountancy and support services to suit both businesses and individuals.
Access to really useful resources including: calculators, tax rates and allowances.
We would welcome the opportunity to assist you.
HMRC is phasing in its landmark Making Tax Digital (MTD) regime, which will ultimately require taxpayers to move to a fully digital tax system. The first area to be affected by MTD will be VAT with the new rules being implemented from April 2019.
Under the regulations, businesses with taxable turnover above the VAT threshold (currently £85,000) must keep digital records for VAT purposes and provide their VAT return information to HMRC using ‘functional compatible software’. These new regulations take effect for VAT return periods beginning on or after 1 April 2019.
HMRC has published VAT Notice 700/22: Making Tax Digital for VAT. This Notice defines ‘functional compatible software’ and the transaction-level data that needs to be recorded and retained within the software.
Under the new MTD regulations, businesses will have to use ‘functional compatible software’. This means a ‘software program or set of compatible software programs which can connect to HMRC systems via an Application Programming Interface (API)’. This must be capable of:
MTDfV is coming soon and we are here to help you prepare.
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