Inspiring Business by Sharing Success

Free Business Festival seminar on Making Tax Digital announced

The hour-long seminar, one of a series of events organised by local businesses as part of the annual Leicester Business Festival, will take place on Thursday 26th October. It will be hosted by The Exchange on Rutland Street, with a 10:30am start time.

Attendees will be able to tuck into a free bacon butty and hot drink, and will have the opportunity to put their questions on Making Tax Digital to some of the leading experts on the subject in the local area.

The Making Tax Digital plans will require thousands of Leicestershire businesses to move their tax accounting online, with quarterly reports replacing the traditional annual tax return.

Among those offering their thoughts will be John Griffin, a Partner at Newby Castleman with more than 30 years’ experience in tax affairs, and Jacqui Kimber, a business tax specialist who has contributed to guidebooks on tax management.

Payroll and Bookkeeping Services Manager, Andrea Moran, will also be on hand to discuss the measures businesses can take to meet the requirements in her area of expertise.

They will be joined by Senior IT Manager, Tony Hyde, who will explain the practicalities of implementing the changes.

Proposals relating to Making Tax Digital were first announced by former chancellor George Osborne in 2015, with a stated aim of making HMRC one of the world’s most digitally advanced tax administrations.

The changes were initially set to take effect in the summer of 2018, but following an apprehensive reaction from business leaders to the pace and scale of the plans, HMRC amended its timetable earlier this year.

Keeping records digitally and providing quarterly VAT updates to HMRC will now be mandatory for businesses above the £83,000 VAT turnover threshold from April 2019 – giving firms just under 18 months to prepare.

John Griffin said: “April 2019 may sound like the distant future to some business owners, but the reality is that Making Tax Digital will require them to make fundamental changes to the way they manage their finances.

“The scheme is already in the process of being rolled out, with every small business owner and individual taxpayer now having access to a digital HMRC account, with which they can keep track of their tax records. The time to be putting a transition strategy together is now.

“This seminar is a golden opportunity to find out more information for any local business owners who are unsure of the measures they should be taking to prepare. I’d encourage anyone who feels they may benefit from attending to make their booking sooner rather than later, as places will fill up fast.”

Those wishing to attend can make a booking through Newby Castleman’s Marketing Manager, Nicola Cooper, by calling 0116 254 9262 or by emailing [email protected]

Newby Castleman is one of the Midlands’ leading independent accountancy firms, with offices in Leicester and Loughborough. It offers a range of specialist financial services, business and tax advice for individuals and businesses. For further information visit the website at www.newbycastleman.co.uk.


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