Members met at Wynyard Hall for the second event of the year to hear about the changes to the tax system and how businesses could prepare for Making Tax Digital (MTD). From April 2019 businesses within the threshold will have to keep digital records for VAT purposes.
Andrew Rowe from Baldwins Accountants explained how the government wants to close the tax gap and believes a digital system will reduce taxation errors. This applies to all businesses turning over more than £85,000 and means a change to the way 89% of businesses submit their VAT.
MTD for VAT is proceeding despite Brexit however a similar process for income tax and corporation tax has been delayed. They are expected to follow shortly and there is a pilot underway for income tax.
There are various tools to help business manage the process and it was advised to speak to an expert to ensure you are doing what is needed. Andrew explained “Baldwins are experts and can help you get it right first time. We are also the only firm in the country to be a platinum partner with all three leading digital accounting software companies – Sage, Xero and Quickbooks.”
Greg Hare mirrored his colleague's comments about the importance of getting this right and said: “Even though business are being pushed down this route, you should see it as a benefit and an opportunity to work smarter, improve your systems and save time.”
Before closing the event, Tees Valley Business Club Chair Jane Reynolds introduced Dot Turton CEO of Recovery Connections to tell us about the UK Recovery Walk taking place in Middlesbrough on September 7th 2019.
Dot explained how 7,000 people will be walking for recovery and how the business sector can benefit by being involved.
Ricky Vasey Lead Coach at Recovery Connections shared a very personal, inspirational story and explained how a greater understanding of addiction from the business community can have a positive impact on all parties: “£7.3 billion is lost in productivity due to alcohol use and 40% of industrial accidents are due to substance use. Harm could be reduced to the business and the employee if appropriate support is offered earlier.”
The next event will take place on 21st March at The Wilton Centre in Redcar.
For more information about the walk and how to help, please email Dot at firstname.lastname@example.org.