Rothmans Accountants, one of the South’s longest-established accountancy firms, and Barclays Bank UK PLC have held a joint networking event for business owners in the region to find out more about making the most of the Making Tax Digital (MTD) initiative from HMRC and keeping digitally safe.
The seminar took place at Ringwood’s multi-award-winning Hockey’s Farm Shop, named one of the UK’s Top 10 small shops last year, and also a long-term client of the Salisbury Rothmans office.
Rothmans Ringwood manager, Sarah Cross, gave an overview of the new tax filing rules which came into effect earlier this year requiring VAT-registered businesses with taxable turnover over £85,000 to move to a fully digital system.
“HMRC’s ambition is to have one of the most digitally advanced tax administrations in the world. The new MTD system is already reducing businesses’ costs and overheads while making tax filing easier and more efficient,” Sarah said.
The latest tax gap figures between the tax collected by HMRC and what should have been paid was approximately £9.9 billion last year – a large proportion of this is due to errors in returns. Thanks to the improved accuracy that digital records provide and the fact that information is sent directly from software to HMRC, the amount of tax lost due to errors is expected to reduce.
Keeping Digitally Safe
Barclays’ Digital Engagement Manager, Alex Douglas, gave a presentation at the event about online security and how businesses can mitigate and prevent the main threats they face from cyber fraud. Alex also advised guests on support organisations and resources available for more cyber security help and advice.
Guests had the opportunity to ask questions of the experts, as well as discuss the issues involved with fellow attendees.