WITH less than a year to go until it will be compulsory for all VAT registered businesses to join Making Tax Digital (MTD) and less than two years to go until small businesses and landlords are impacted, local Chartered Accountancy firm, Simpkins Edwards, is preparing businesses in the Okehampton area, with a free seminar on the subject.

The new regulations will require businesses to maintain digital accounting records and submit VAT returns digitally to HMRC rather than using the HMRC portal.

In addition, from April 2023, MTD will be expanded for Income Tax.

This will include self-employed businesses and landlords with annual business or property income over £10,000.

Those affected will need to maintain digital accounting records and submit quarterly MTD returns to HMRC.

Following significant demand and to support as many local businesses and landlords as possible, Simpkins Edwards is holding seminars on 23 September, now fully booked, and 30 September.

The seminars are free to attend and will be followed by light refreshments.

Commenting on the event, Seb Beard, Partner at the Okehampton office of Simpkins Edwards, said: ‘Three years ago we ran MTD seminars for businesses impacted by the first round of MTD for VAT.

‘These proved to be highly popular. The approaching changes in the next two years will be even more disruptive.

‘It is essential that businesses and landlords prepare for the forthcoming changes at the earliest opportunity.

‘We are therefore running the seminars to support as many local businesses and landlords as possible.’

To book your place on the September 30 seminar, email [email protected], call 01837 52485 or book online at https://www.simpkinsedwards.co.uk/event/