Coventry & Warwickshire in business
Economy
Midlands businesses urged to stay ahead of making tax digital Prime Accountants Group, which has offices in Birmingham, Solihull and
Coventry, says businesses would be wise to prepare for the legislation now and treat the delay as an opportunity to better learn how to reap the benefits from it. Instead of launching in April 2024, HRMC announced the first phase of MTD for ITSA will follow a phased approach from April 2026, for sole traders and landlords earning above £50,000.
A leading Midlands accountancy firm has urged businesses in the region to continue preparations for Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA), despite the two-year extension to the deadline.
which will equip owners with real-time data, reports and guidance available at their fingertips.” Jeremy said the new system will allow businesses to understand their financial position and performance better, and in real time, empowering them to make smart and more effective changes to their practices. The system will require digital records to be kept and the digital submission of tax returns, drastically reducing human error.
Jeremy Kitson, director at Prime Accountants Group, said: “While this deadline has been pushed back considerably, we strongly urge all businesses, including sole-traders and landlords, to make a head start on implementing the practices around the new system.
However, Jeremy urged all business owners to prepare in advance to ensure they are well-prepared for the administration required to submit reports quarterly, using the system to its full advantage.
“The benefits go far beyond simplifying basic accounting tasks. The new system requires data to be submitted quarterly, in addition to an end-of-period statement,
He concluded: “While we welcome the change, it is the responsibility of all business owners to work it into their everyday business practices. The most effective businesses will prepare in advance and will no doubt reap the benefits of the system sooner. “The onus is on us as professionals and leaders in the industry and we take that very seriously. At Prime, we always work as an extension of our clients’ teams and are already working with them to implement changes well ahead of the 2026 deadline. “We welcome any conversation with owners in the region looking for guidance and support and will continue to help the region navigate through this impending change in the months to come.”
To find out more about Making Tax Digital, visit www.gov.uk/government/publications/making-tax-digital. For more information on Prime Accountants, visit https://primeaccountants.co.uk
Small rise in GDP shows need for long-term strategy The chief executive of Coventry and Warwickshire Chamber of Commerce says there is a long way to go before the economy is back on track. Corin Crane was responding to the 0.2 per cent rise in GDP in August and said it was a further sign of slow growth. He said: “Of course, any growth is much better than the economy contracting and it really is a testament to businesses in this region – and the UK as a whole – that they continue to show resilience in the face of really tough circumstances. “Our latest survey figures appear to show that there are signs of confidence returning in Coventry and Warwickshire but there is still a long way to go before the economy is back on track. “There has been so much uncertainty over the past few years and that has weighed heavy on businesses’ ability to grow. “What we really need now is a long-term strategy for our economy to give businesses the confidence to invest for the future and, as ever, our team at the Chamber is here to support companies across the patch to help them succeed.
www.cw-chamber.co.uk
“We’ll be delving into the economic outlook, the barriers to growth and the future of Coventry and Warwickshire at our annual conference in November and would urge firms to sign up to be there.” David Bharier, Head of Research at the British Chambers of Commerce, said: “With GDP growing by 0.3 per cent in the three months to August, and by 0.2 per cent on a monthly basis, the UK economy is holding up but remains in a precarious state. The production sector, in particular, has seen worrying data revisions showing stark monthly falls in growth. “Our research is clear about the issues UK firms are facing three years of economic shocks, high inflation and interest rates, skills shortages, and trade barriers with the European Union. Consequently, most SMEs report no increase in their investment plans. “Businesses need to see a strategic vision for the long-term framework for investment in the UK. Recent policy announcements around projects, such as HS2, will have generated more uncertainty for businesses searching for stability.”
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