On Thursday 26 April, CB Reid held the first of two Making Tax Digital (MTD) seminars for clients and contacts at the Dorchester Cricket Club.
Director, Matt Haines, hosted the event and outlined the major changes to the tax reporting system for both businesses and individuals over the next few years. As the first tax to be affected by MTD is VAT, most delegates were keen to understand how their bookkeeping processes must change in order to connect with HMRC’s systems from next April.
As keeping data digitally is central to this new reporting system, many businesses are either considering a move to a cloud accounting software package or have moved already and Matt talked in some detail about the solutions available, including Quickbooks Online, which CB Reid is recommending to its clients. Discussions also focussed on the various app integrations available with such software and those which businesses may wish to consider further in order to leverage efficiencies from using new software.
Commenting on the event, Matt said “it was great to see our clients and contacts engaging on this subject and I believe the key message came across that businesses shouldn’t delay in preparing for MTD. Delegates left feeling that MTD was something to be embraced rather than feared and CB Reid is happy to assist clients every step of the way.”
For further information on MTD or to book onto our follow-up seminar on 24 May please do not hesitate to contact a member of the team on 01305 215800 or by clicking here.