Name: Midas Accountants & Business Consultants Ltd
Address: 183 Walsall Rd Great Wyrley, Walsall, WS6 6NL, GB
Telephone: 01922 418111

At Midas Accountants and Booker Cole, we pride ourselves on providing exceptional services to the people we work with. We believe in the value of relationships and are committed to building long-lasting relationships with our clients. Our team of experienced accountants is dedicated to helping you and your business succeed, and we take the time to understand your goals, challenges, and passions. We are proud of the diverse range of skills and experience within our team, and we are confident that we can help you and your business.

Our Services

From bookkeeping, VAT, and tax-saving strategies to auditing, our team is here to help. We are experienced in the major accounting software packages, including QuickBooks, Sage, and Xero, and can help you select and implement a solution that works for you. Our services are designed to help businesses of all sizes and types, and we have a network of local contacts in areas such as independent financial advice, legal services, and commercial finance.

Making Tax Digital

You may have heard the phrase Making Tax Digital (MTD). Software companies such as QuickBooks, Sage, and Xero are advertising and using the words. But what is MTD, and how does it affect you and your business? There are two parts to MTD that could affect you: MTD for VAT and MTD for Income Tax. We will take a look at both of these.

MTD at its simplest means that you must keep your accounting records digitally rather than manually. Digital records can be accounting software or it can also be data held on spreadsheets. MTD for VAT is already in place and means that you must keep digital accounting records for VAT and submit your data to HMRC from those records electronically. If you are using accounting software such as QuickBooks that link is quick and easy to set up. If you are a spreadsheet user, there is software which will extract and send the data for you.

If you need any help or assistance with MTD for VAT, either registering or choosing software, please get in touch on 01922 418111 and one of our team will be pleased to help you.

MTD for Income Tax is as with MTD for VAT this will require businesses to keep their records digitally. With few exceptions, it will apply to businesses, and landlords, with a gross income of 10,000 or more. Its aim is to remove the annual tax return to more regular submissions directly from your software to HMRC's computer system. In fact, if MTD for Income Tax is implemented, the requirement will be for quarterly submissions with a final submission to correct any estimates in the quarterly submissions. That could mean you submitting 5 tax returns for each tax year.

There are some steps you can take to be prepared for MTD for Income Tax. These are:

Work out if it will apply to you. Look at your year-end to see if aligns with the tax year. Start your digitisation process as soon as possible.

For help or guidance on the above, please contact one of our team who will be happy to discuss the needs of MTD and how it will affect your business.