A Step-By-Step Guide To Making Tax Digital

Digitalisation is influencing everything in the 21st century, and tax is no exception. Making Tax Digital (MTD) is the government’s own plan to use the tech evolution to transform the British tax system, reducing errors and enhancing efficiency across the board by 2020. Yet, despite the importance and significance of MTD, there remains a degree of uncertainty surrounding the scheme, especially given how it’s suffered setbacks since it was first announced. Everyone needs to know where they stand before MTD is officially rolled out, and certain business owners will need to prepare sooner than others for the onset of an all-digital tax world. That’s why Pastel, alongside sister company Liquid Accounts, has prepared an official step-by-step guide to Making Tax Digital. Over ...

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GDPR is just a few days away – here’s what we’ve done at Pastel

The GDPR deadline is 25 May 2018 and we’ve invested a lot of time and effort in preparing for it. Here’s what the Pastel team have done to ensure we’re ready for the General Data Protection Regulation: We did an audit to double check that we know what personal data we collect and hold, and what we use it for We’ve added tick boxes where needed to get consent and ensure that we’re processing data on an appropriate lawful basis We’re asking for marketing consent, and from the 25th May will only be communicating where explicit consent has been granted We have updated our Data Protection Policies to make sure they are GDPR compliant and will be publishing these shortly We ...

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VAT and Making Tax Digital – how will it affect my business?

From April 2019 all VAT registered businesses with turnover above the VAT threshold will be required to maintain digital records and will need to send their VAT information to HMRC using third party commercial software. HMRC’s online portal will remain available to all other businesses that complete a VAT return but have turnover below the VAT threshold. Who’s in? MTD for VAT will apply to VAT registered businesses with turnover above the VAT threshold. This includes unincorporated businesses, companies, LLPs, and charities. Businesses registered for VAT but with turnover below the VAT threshold can opt in and file their VAT information via MTD if they wish. What we know so far… Start date We expect that a business will have to keep digital records and ...

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Are Spreadsheets Costing Your Business?

The office desk has changed a lot in the past decade. Calculators, notepads and writing utensils – the instruments staff used to update company accounts – have all migrated to computers. For the most part, businesses have welcomed technological advancements with open arms and reaped the benefits as a result. Yet, one archaic accounting tool that many companies still can’t let go is the spreadsheet. Contrary to popular belief among business owners, Excel is not the answer for accounting procedures in this day in age. In fact, pursuing with spreadsheets in 2018 might actually be costing your business money. Here’s why… Data entry dangers Even the biggest spreadsheet fans would admit that Excel data input is problematic. Something as simple as a single ...

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