10 minute read
Financial Matters
MAKING TAX DIGITAL
– plugging the £35bn tax gap
HMRC know that the majority of taxpayers want to get their tax right, but the government estimates that many find this hard to do and as a result they are short changed by a simply staggering £35bn or so annually. With this in mind, HMRC’s ambition is to become one of the most digitally advanced tax administrations in the world, which will offer the benefits of making tax administration more effective, more efficient and easier for the taxpayer to get their tax right. It requires businesses to use an entirely digital system for the storage of their accounting records and it also requires that businesses and some individuals use MTD compliant software. This is the future of tax administration in this country with the first round of changes aimed at VAT. Since April 2019 all VAT Registered entities with a turnover higher than the £85,000 VAT threshold had to start submitting their VAT Returns through compliant software. This change felt like an upheaval because business owners were obliged to change their method of calculating and submitting VAT returns. Of course there are plenty of MTD compliant cloud-based software packages available, but they each come with an annual licence fee and a steep learning curve. I’ve written before though that once the migration has been made to cloud-based accounting there are some opportunities for real time saving and efficiencies to be introduced. The next step on the MTD journey is 1st April 2022, when all VAT-registered businesses must join MTD. This step captures all of the entities with a turnover below £85,000 that had ducked below the parapet for the past two years. HMRC’s portal for accepting VAT Returns will be closing and everyone must seek MTD compliant software.
Two years from now, from 6 April 2024, MTD for Income Tax Self-Assessment (ITSA) commences for the self employed and landlords with an annual personal income of over £10,000. These individuals will no longer have to submit a self-assessment tax return in respect of their earned income. The annual requirement will become a quarterly one which will be rounded off with a final reckoning called an End of Period Statement. All paperwork and invoices must be maintained within a digital system under this new regime. MTD for partnerships is slated to commence from April 2025, with MTD for corporation tax estimated to emerge the following April, (there could be a staged roll-out according to profit or sales levels, but as yet this is not clear). This means that in the years ahead all businesses will be required to store all accounting records digitally and will have to submit quarterly profit returns with a final end-of-year return to capture and reconcile what has been reported previously. These changes are huge but are intended to make sure that we get our tax right and at the same time find the process to bring efficiencies. There’s a lot of uncertainty about the accuracy levels of the quarterly submissions when an endof-year report will also be filed, but fuller details will emerge over time. What is clear is the fact that manual bookkeeping and lovingly written-up cash books will very soon be things of the past. Make sure to contact your accountant to better understand how MTD is going to change your business in the years ahead.
Peter Bevan Bevan & Co, Chartered Accountants peter@bevan.co.uk
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Your Travel Specialist
Hello I’m Chris, your travel specialist. Having worked within the Travel Industry for over 15 years, I always make sure my customers are looked after in every way possible. No matter what type of holiday you are looking for, I will personally look after your booking from start to finish. Whether you’re looking for a UK break, I can book you anything from a night in a hotel in the UK to a round the world cruise. As I run my own business through GoCruise & Travel (Part of Fred. Olsen Travel) you get the added security as we are fully ABTA & ATOL bonded for your security and peace of mind. I am available from morning until late in to the evening, so when the high street is closed I’m here to help you from the comfort of your own home, at a time convenient to you. Get in touch today and let me help create your dream holiday... Find me on
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01625 337010
Baby Ballet
Tuesday afternoon at Handforth & Prestbury School of Dance, Dean Row Community Hall, Dean Row. Call Michelle on 0161 483 6678.
Baby Bounce
suitable for 12 months and under - Tuesdays 9.4510.15. Wilmslow Library. Pleas book in advance by calling 01625 374 060
Baby Massage
Wednesdays during term time at 1.30 pm at Wilmslow Methodist Church. Please contact the church office on 01625 528892 for more info or to book a place.
Baby Massage & More, Meet & Massage and Mother & Baby Yoga - Lushtums
Classes in Poynton, Hazel Grove & Parrswood at local venues or in your own home. Baby Massage & More is a lovely way to enhance your bond with your baby, aid relaxation and sleep, relieve colic and constipation and meet new friends. Postnatal Yoga with your baby to regain your strength and shape one day at a time, whilst having yoga fun with your baby. Babies welcomed with all their moods and states. Pregnancy Yoga and birth preparation also available. Contact Suzanne.wild@lushtums.co.uk or www.lushtums.co.uk.
My Baby Massage
Tuesday in Alderley Edge. Call Claire on 01625 583325 or 07952 810350.
Baby Reflexology
Thursday morning at Moor Lane, Wilmslow. Call Gabby on 07817 597288.
Baby Sensory
Tuesday morning & afternoon at St John’s Church Hall, Knutsford Road, Wilmslow. Call Beccy on 07503 547083.
Bon Bons
Wednesday morning at Wilmslow Parish Hall, Cliff Road, Wilmslow. Call Bonnie on 07739 359948.
Caterpillar Music
Monday morning at Wilmslow Leisure Centre, Rectory Fields, Wilmslow. Call Jan on 01925 860459.
The Creation Station
Wednesday morning at Dean Row Village Hall, Brown Lane, Wilmslow. Call Sarah on 0844 854 5065.
Friday Tots
Friday 10 – 11.30am at Alderley Edge Methodist Church. Call Susan on 01625 585166.
Little Footprints
Wednesday & Friday 9.15 – 11am at Dean Row Community Centre, Dean Row. Call Brenda on 01625 251097.
Little Strikers Pre-School Football
Monday morning at Parish Hall, The Corrs, Cliff Road, Wilmslow. Wednesday morning at The Scout Hut, Talbot Road, Alderley Edge. Call 07792 791382
Lego Club
Thursdays 3.30-4.30. Wilmslow Library. Pleas book in advance by calling 01625 374 060
Little Superstars Sports Club
Friday morning & afternoon at Wilmslow Leisure Centre, Rectory Fields, Wilmslow. Call Louise on 07904 311552.
Mums, Dads & Tots
Wednesday 1.30 – 3pm at St. Benedict’s Church, Hall Road, Handforth. Call Jacquie on 01625 250471.
Music Bugs
Friday morning at Wilmslow Parish Hall, Cliff Road, Wilmslow. Call Stacey on 0844 822 1175.
Praise & Play
Tuesday at 1.30 – 3pm at St Chad’s Church, Wilmslow Road, Handforth. Call Chris on 01625 530228
Puddle Ducks Baby & Pre-School Swimming
Friday afternoon at The Hallmark Hotel, Stanley Road, Handforth. Call 01477 410080.
Raindrops Tots
Tuesday 10am – 12pm (term time only) at Wilmslow Parish Hall, Cliff Road, Wilmslow.
Rhyme Time
Thursdays 11.00-11.30. Wilmslow Library. Pleas book in advance by calling 01625 374 060
Sally Williams Baby Ballet
Monday, Tuesday & Wednesday afternoons at Wilmslow Leisure Centre, Rectory Fields, Wilmslow. Call Sally on 01625 585070.
Songs & Rhymes
Mondays during term time at 10 am at Wilmslow Methodist Church. Please contact the church office on 01625 528892 for more info or to book a place.
Story Time for Under 5’s
Mondays 9.45-10.15. Wilmslow Library. Pleas book in advance by calling 01625 374 060
Talking Tots
Wednesday morning at Wilmslow Parish Hall, Cliff Road, Wilmslow. Call Beccy on 07947 735373.
Tennis Tykes
Monday & Friday afternoon (term time only) at St John’s Church Centre, Lindow. Call Caroline on 07843 342662.
Tiddlywinks Mini Church (activities, play & stories)
Story, song and craft activity session on Wednesdays during term time 10.30 am - 12 pm at Wilmslow Methodist Church. Please contact the church office on 01625 528892 for more info.
Tiny Hands
Friday 10 – 12pm at St Mary’s Methodist Church, Wilmslow Road, Handforth. Call Margaret on 01625 526591.
Tiny Toes
Wednesday morning at Wilmslow Leisure Centre, Rectory Fields, Wilmslow. Call Sally on 01625 585070.
Tumble Tots
Tuesday and Wednesday at Wilmslow Leisure Centre, Rectory Fields, Wilmslow. Contact Megan on 07814 020095.
Water Babies Swimming
Monday afternoon / Tuesday morning at The Hallmark Hotel, Stanley Road, Handforth. Call Chris on 01270 611111. Also Monday & Wednesday afternoon at The Holiday Inn, Altrincham Road, Wilmslow. Call 01270 781239.
