From the Farm

Guiding you through the process of applying for probate or undertaking a full administration of an estate.

Whichever option you choose, you will get the same dedicated, professional, sympathetic and effi cient service.

V&A Legal ltd is authorised by the Institute of Chartered Accountants in England & Wales to undertake non-contentious probate matters. T: 01733 306467 E: enquiries@vaprobate.co.uk

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MoneyMatters

by Pete Bird, Bird & Co, Certified Public Accountants

Making Tax Digital

Making Tax Digital (MTD) will apply from April 2022 to all UK VAT registered businesses regardless of their turnover and to certain business income tax records from April 2023. HMRC have announced that Making Tax Digital (MTD) is to be extended to cover all UK VAT registered businesses from 1 April 2022 and to cover most business income tax records from April 2023. At present the MTD rules only apply to those whose UK taxable turnover is above the £85,000 UK VAT registration threshold. MTD compliance, with its requirement for digital records and use of compatible software to submit the VAT return may be an onerous requirement for micro businesses who may have only registered for VAT voluntarily – perhaps to obtain VAT refunds or to appear larger to their customer base. However, although there was little detail in the announcement, it is likely that the option to apply to HMRC for an exemption from MTD will also be available to these smaller businesses. An exemption can be sought if it is not reasonable or practical for the business to use computers, software or the internet to follow the MTD rules. The change will impact all businesses that are voluntarily registered for UK VAT because their UK taxable turnover is under the threshold, who are not at present required to comply with MTD. If they are unable to secure an exemption, MTD compliance will require them to keep VAT records digitally and use software that is MTD compatible. Some smaller voluntarily registered businesses may decide to de-register instead of complying with MTD. De-registration can however also trigger a VAT cost due to the rules about assets and stock on hand, so advice may be needed. We understand that although MTD compliance has been generally high, a significant minority of businesses that should be using MTD are not doing so. HMRC suspended their program of encouraging such businesses to comply for a few months due to COVID-19, but recently began it again. It appears that a major reason for non-compliance has been a misunderstanding - just submitting VAT returns online is not enough to be MTD compliant. The announcement of the extension in scope has fortunately been made well in advance, so affected businesses can think about what they want to do, weigh up the pros and cons of staying VAT registered and complying with MTD, as opposed to de-registering. Alongside the update on VAT, the Government has announced that from April 2023, businesses and landlords with business income over £10,000 per annum which are liable for Income Tax, need to keep digital records and use software to update HMRC quarterly through MTD. The Government has also confirmed it will be consulting later this year on the design of what the MTD system should look like for Corporation Tax. Many firms of accountants like us are making themselves ready for these new requirements and we look forward to hearing from existing and new clients if we can assist in any way to ensure you are fully compliant and ready for MTD.

Certifi ed Public Accountants supporting local businesses with cost-eff ective accountancy and taxation service for many years.

We specialise in sole traders, partnerships, small limited companies and all types of self-employed businesses, as well as all aspects of accountancy and taxation, concentrating on the personal approach.

Speak to Pete or Bernard, anytime, for a free, initial chat.

T: 01733 248 180 F: 01733 248 190 E: pnbird@birdandco.ltd or info@birdandco.ltd Text: 07305 355595 www.birdandco.ltd

“Heap high the farmer's wintry hoard! Heap high the golden corn! No richer gift has Autumn poured from out her lavish horn!” John Greenleaf Whittier Farm FROM THE

This year, more than any other year we can remember, the harvest season was a very tough one. With the constant rain last autumn and spring, our sowing was behind schedule and for some farmers, they were not able to sow their fields at all

We stand with those farmers and think of them as we wipe our brow here in Village Farm and thank God we are able to start again. This year has been a hard one on many levels, as 2020 continues to surge ahead, our lives are still very affected by COVID. We’ve learned to pull together such as in war times, and for that we can garner a blessing from each other and understand that autumn is for being thankful for the harvest just past AND for looking ahead as we sow for a new season. We ‘sow’ on many levels and in many aspects of our lives. Perhaps there are dear family relationships and friendships which have been rekindled as a result of lockdown zoom and facetime calls. Perhaps it is reconnecting with the family at home as we have had to isolate and ‘take cover’. Our perhaps, we are sowing a spirit of gratefulness as we realise how much we truly do need each other. This can be the gift of struggle, and for us as farmers, as a result of this difficult year we are renewed in our gratefulness to be able to sow and reap from this good earth. There are many work endeavors we are doing on the farm to keep pressing ahead in delivering food to all of our tables. But this month, we simply wanted to say thank you to our readers and to those of you who have served this community during this tumultuous

time. We can all be responsible into sowing for the next season, and we pray it is a good one! Now, in buying British, here is what is in season: Apples, aubergines, blackberries (end of season), beetroot, broccoli, carrots (end of season), celery, cranberries, courgettes (end of season), duck, fennel, figs, grapes (end of season), goose, haddock, kale, lamb, leeks, melon, mushrooms, parsnips, pears, plums, pumpkin, rabbit, rocket, shallots, sweetcorn, tomatoes (end of season), turkey, turnips, watercress, and salmon (end of season). As always, thank for supporting British farmers, buying local and buying best!

How much is your property worth?

If you are curious to fi nd out the value of your home, call today for a FREE, NO OBLIGATION market appraisal on 01733 511 151

t: 01733 511 151 e: yaxley@smartmoveproperties.com www.smartmoveproperties.com  /smartmoveyaxley Smart Move Property Solutions,158 Main Street, Yaxley, Peterborough PE7 3LB