CLA East Regional Director Ben Underwood is urging farmers, landowners and rural businesses across the East of England to consider how a new system being introduced by the government for submitting tax returns could impact on their business.
The CLA (Country Land and Business Association) is hosting a free seminar on Tuesday, 26 February to help rural businesses prepare for the introduction of ‘Making Tax Digital’ – a system that will come into operation from 1 April.
Making Tax Digital is part of HMRC’s plan to transform its current system into one of the most digitally advanced tax administrations in the world. All businesses and organisations registered for VAT with taxable turnover above the VAT threshold of £85,000 will have to submit their VAT returns digitally.
The CLA is to host a seminar at the Rowley Mile Conference Centre in Newmarket, Suffolk to provide information about the process and how businesses can ensure they are compliant.
Speakers will include CLA Taxation Adviser Jimmy Tse and experts from Landmark Systems, a company committed to providing computerised solutions for businesses. Larking Gowen, one of the largest accountants and business advisory firms in the region, will also speak at this event.
The event will provide clarity on:
- What ‘Making Tax Digital’ is and what the implications may be for your business;
- Timescales, exemptions and what is required from you;
- Further information on the transition to digital.
CLA East Regional Director Ben Underwood said:
“All businesses should be considering the potential impact the new tax reporting system could have on them and begin to take the steps required to ensure they are compliant.
“Our event will provide practical advice on the changes that businesses need to make if they are trading over the VAT registration threshold. It is important for businesses to review their current processes, have a discussion with their existing software provider and consider if a new accounting and IT infrastructure may be necessary.
“Our members own and run some of the most successful rural businesses in the region and we hope this seminar will provide useful guidance on how to prepare for the new tax system.”