Top 10 Making Tax Digital Questions - Silver Touch Tech

1 WHAT IS MAKING TAX DIGITAL? MTD (Making Tax Digital) is a part of HMRC’s plan to transform the current system into one of the most digitally progressive tax administration. The vision of the HMRC is that the paper tax return will be abolished to enable taxpayers to update the frequency on their income position with having the real-time idea on tax liabilities presented by digital tax account. With this system, we can assure that the future of record keeping will go digital with including the ability to track sales and costs in real-time with automating the manual task. Move to the cloud-based accounting system which gives access to the same financial information to monitor the margins and profitability. Use proactive advice on tax and business issues when you need them the most.

2 WHO WILL AFFECT BY MAKING TAX DIGITAL SOFTWARE?

Answer The change will affect every individual and businesses where the individual taxpayer whose tax affairs annual income via Personal Tax Account based on information provided by HMRC. The personal digital accounts are already, but one need to activate it via government gateway. For businesses, personal digital tax accounts a self-employed person or landlord with rental income of more than £10,000 should have a tax account. Additionally, Companies and partnerships will have their business tax account where they can file the tax returns online. The only significant change is that they’ll need to pay quarterly instead of annually.

With this, we can say that Making Tax Digital software represents a significant challenge for businesses.

3 IS THERE ANY STREAMLINE PLANS THAT REPORTS FOR SIMPLE BUSINESSES?

Answer If we look into the rules then the option to account for income and expenditure on simplified cash in, cash out basis will extend to businesses turnover below ÂŁ150,000. Which means that many will no longer need an account on an accruals basis based on the difference between money one have taken in. One needs to pay out on income that they have already received. Also, we are looking for online tools that capture and record initial transaction like property expenses, rental income which are likely to make cost-effective solutions for simple businesses. For businesses, one needs to take relatively few transactions with full accounting package that are unlikely to be required.

4

HOW WILL MAKING TAX DIGITAL FOR BUSINESS AFFECT ANYONE?

Answer With using the software one need to submit VAT returns and doing so, you’ll go through HMRC website from where you can get current online tax return services withdrawn to fall within the scope of the Making Tax Digital software rules. If anyone is using accounting software, then you might know about the MTD compatible. Probably you need to start using the features that are cloud-based and can be used automatically with Making Tax Digital Software compliant. With Making Tax Digital for VAT , one can get a continuous challenge to issue the paper-based invoice where one need to transfer it on at least some point of data. Using the MTD deadline to switch to Making Tax Digital software sooner rather than later widely changing internal tax and business practices. By doing this, you’ll get to know how to avoid the inevitable congestion that gives rise to the businesses that left things undone.

5 FROM WHICH DATE THE CHANGES WILL HAPPEN?

Answer This is one of the essential questions that one needs to know.

Although the initial timetable is given, one needs to stay amended to take a look at what is planned for phased introduction. Businesses with profits chargeable will pay class 4 national insurance with a turnover and rents in excess to the VAT threshold of (ÂŁ85,000).In the year 2019, April the VAT element of tax compliance for VAT will register for businesses with paying corporation tax excluding VAT.

6 WHAT ARE THE BENEFITS OF MAKING TAX DIGITAL?

Answer You are making Tax Digital should give a clear and more accurate picture of your tax affairs by making proper calculations. One needs to have a proper snapshot in real-time based on the tax one owe at one time. With this one will get easier to plan the budget for tax payment and wait until the end of the tax year. Once you get the tax information at one place, you should streamline the whole process of interacting with HMRC with making it faster and requiring fewer efforts.

7

WILL THERE BE ANY PENALTIES FOR NOT FILING QUARTERLY?

Answer HMRC has indicated that there will be lenient for the first 12 months which allows taxpayers to get rid of the new way of filing returns. With using this, anyone can miss the deadline they will be penalised using the points-based system. Once you receive a fixed number of points, it will result in a fixed penalty.

The detail of the penalty is not yet announced.

8 WITH THIS, DO I NEED TO COMPLETE ANNUAL ACCOUNTS?

Answer All businesses and companies need to prepare and file annual accounts since you need to make at the end of the year submission. The fifth return will have to be submitted within ten months of the end of the fourth quarter. This is likely to behave simpler than current returns where HMRC will hold data from quarterly reports.

9 WHICH SOFTWARE SHOULD I USE TO REPORT TAX RETURNS TO HMRC DIGITALLY?

Answer

Making Tax Digital for Business will require accounting system to ensure that they’ll be able to produce quarterly information insufficient with preparing a quarterly tax report. We help the smallest businesses and the landlords to provide free software which are unlikely eligible for assistance to seek outside accounting software advice and packages.

10YOU THINK DO MAKING TAX DIGITAL WITH SAP BUSINESS ONE IS BENEFICIAL?

Answer Making Tax Digital aims to use digital accounts to handle tax and VAT in real-time where the first deadline for using the new system is April 2019. This will enable the user to schedule reminders for VAT declaration and to check potential request manually at any time. You can check the payment transaction that is processed by HMRC. The SAP project is ongoing over the past few months and will soon start beta Programme to garner feedback about the system with making required refinements.

AS WE KNOW SILVER TOUCH WAREHOUSE MANAGEMENT SYSTEM IS A WEB-BASED SOLUTION PROVIDER DEVELOPED FOR SAP BUSINESS ONE TO INTEGRATE A COMPREHENSIVE WAREHOUSING SOLUTION SUITE. HAVE A LOOK AT A FEW OF THE BEST WMS SOLUTIONS.

Goods In: Now manage stock in warehouse generated from goods with receiving goods based on a purchase order by putting away into various locations using the system.

Internal Stock Transfer: One need to manage stock that is required to be transferred from one location to other.

Inventory and Location Management: If you’re looking for the best SAP Business One standard item that master data then use our services that offer warehouse and bin location features with ease.

Picking based Sales Order and Inventory Transfer Request: One can pick an item row by row with updating the pick list and send the order for packing. Later, the user can pick the items with updating SAP data at the same time.

Replenishment: With this one can move stock from the warehouse location to maintain the level of stocks.

Outbound: Pick the client’s order based on a pick by order or based on customer or area. Pack and ship the multiple orders with creating a delivery note on A/R invoice.

Inventory Counting: Manage physical and cycle counting for a Warehouse or bin location whenever you want.

Packing and Pick Note Assignment: The pallet master will allow the user to predefine the size based on delivery requirement. One can pick the orders and send them for packing grounded on the assignment.

Real-Time Operations: The operations performed are being updated in real time in SAP Business One to meet the specific needs of the customers.

WHOLESALE INVENTORY MANAGEMENT Streamline and automate your wholesale business which connects you with trading partners & smartly runs your business. Mainly it adds sales by gaining loyal wholesale customer through using B2B platform.

Some of the best ways to manage wholesale inventory

 Keep Inventory under control and automate business volume  Use B2B eCommerce to your advantage with increasing buyers  Synchronise all orders across wholesale and retail channels  Train your staff with delivering adaptability within the organization  Don’t use price to compete  Remain on top for your cash flow  Rethink about order fulfillment  Build a relationship with customers

WAREHOUSE MANAGEMENT SOLUTION BENEFITS A WMS control varies based on the departmental warehouse functionalities such as storage, picking, packing, shipping and inventory control. Some of them come with a fully-featured management system, have a look at them.

Effective Management Control:Â It offers an advanced warning of stock control issues and other process events to generate a purchase order by reducing the likelihood of having excessive stock. This helps in improving profitability and makes your entire enterprise more efficient and productive.

Increased Inventory Accuracy:Â One of the main benefits is to improve stock control and inventory tracking. This would provide clients with goods to keep them updated with accuracy. This would give customer satisfaction with removing potential operating cost with improved profits.

A WMS control varies based on the departmental warehouse functionalities such as storage, picking, packing, shipping and inventory control. Some of them come with a fully-featured management system, have a look at them.

Reduced Staffing Levels:Â With using effective overheads one can increase the productivity by achieving easy to optimize processes. This can improve the organizational abilities with managing the resources during in-demand seasonal peaks.

Reduced Equipment Usage and Overheads:Â Reduce the workflow that enables you to use less equipment in the running warehouse. By using this one need few people who use technology and machinery at a lower cost. This would help in reducing the minimum annual maintenance budget to have less wear and tear on equipment.

REFERENCE https:// sap.silvertouchtech.co.uk/blog/warehouse-management-solution-for-wh olesale-distribution-needs.html https://sap.silvertouchtech.co.uk

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