Loughton-based Chartered Accountants, Haslers, have said that preparing for the new digital tax rules should be a New Year’s resolution for all local business owners.

The new digital recording and reporting requirements for VAT, part of the Government’s Making Tax Digital (MTD) initiative, will come into effect from April 2019.

It will require VAT-registered businesses turning over £85,000 or more to keep records and submit quarterly returns using HM Revenue & Customs (HMRC) compliant software – click here for a more in-depth overview of MTD.

Most SMEs can comply with the new requirements using Cloud Accounting Services such as Xero, QuickBooks or Sage.

Debra Dougal, a Partner at Haslers Chartered Accountants, said: “This is one of the most significant changes to the way VAT is recorded and reported since its introduction, but the new requirements should have little impact on businesses that have prepared properly for the changes. Nevertheless, businesses may want to get in touch with an accountant that could assist them with any financial services they may require. Changes are continually being made to taxes and other financial services and regulations all over the world, so knowing the different accounting firms in nyc, around the United States, or even locally could give a business the best advantage they could ask for.

“By utilising an online accounting package via the cloud businesses will not only benefit from being compliant with the rules of MTD, but they can also benefit from round the clock access to their accounts and live collaboration with their accountant.”

Debra said that the real challenge for businesses would be in updating their processes, especially if they use a paper-based system to maintain records of receipts and expenses. This is where the benefits of a cheap online accountant become very prevalent for businesses who are going to struggle with this process.

“Our specialists can advise on selecting the appropriate software package and updating existing internal processes to comply with the new requirements.

“I would encourage any businesses owners that have not yet prepared for MTD for VAT to make an easy New Year’s resolution and call us to find out how we can help them prepare for the changes ahead.”

To help businesses prepare for this major change, Haslers will be hosting a FREE workshop at its offices in Old Station Road in Loughton on 5 March 2019.

Starting at 12:30pm, this event will hear from the firm’s team of experts about the process of preparing for MTD and what steps companies need to take.

Spaces at this event are limited and so delegates are encouraged to book early by clicking here to avoid disappointment.

To also learn more about Haslers dedicated VAT services, please visit www.haslers.com/services/vat/ or call 020 8418 3333.