Are you ready for the Making Tax Digital (MTD) changes being introduced by HMRC? To help you understand how these will affect you and your pharmacy, we have prepared a brief report which covers the following key points;-
- MTD comes into effect from April 2019, when all VAT registered businesses will need to submit their returns and details of their sales and purchases using MTD compliant software.
- Late submissions will be subject to interest and penalties starting at 5% of the return amount.
- For most pharmacy businesses, MTD means a move away from desktop or manual systems and onto cloud based accounting software.
- Moving to a cloud based accounting system can provide many benefits to your business, allowing you to get better quality accounting information with less effort and at a lower cost.
- Having up to date management information also gives you the opportunity to review your business performance with your accountant on an ongoing basis and improve your results over time.
- Hutchings Accountants specialise in working with pharmacies and cloud accounting, and have many years of experience in both areas. We can help make the transition as straightforward as possible by setting you up on a new system, providing training and support, and helping you to monitor and interpret your results, all for a fixed monthly fee.
For a demonstration of a cloud accounting system with a brief overview of how it works, we have produced the following video.