Guernsey Press

BDO seminar to focus on HMRC’s ‘making tax digital’ initiative

THE impact of HM Revenue and Customs’ ‘making tax digital’ initiative and other VAT changes will be the focus of an upcoming local seminar.

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BDO London VAT partner Stephen Kehoe. (22373567)

BDO London VAT partner Stephen Kehoe, pictured, will join Guernsey tax experts to discuss the changes, in particular as they affect UK properties and their owners, at the event in the Harry Bound Room at Les Cotils on Monday 1 October at 4.30pm.

Tax director at BDO in Guernsey Mark Savage will also speak to attendees to explain how they can prepare for the changes that will be implemented from April 2019.

The seminar comes as HMRC estimates that 89% of businesses – including many companies that own UK property – will have to change the way they submit VAT returns.

‘In a time of much change and uncertainty, HMRC has made it clear that Making Tax Digital for VAT will go live on 1 April 2019.

‘Despite many suggestions that the initiative may be paused or delayed due to Brexit, HMRC has remained resolute and so businesses have little over six months to be ready,’ said Mr Kehoe.

‘MTDfv will represent a significant change in how VAT returns are reported and accounting records maintained.

‘Less than 10 years ago VAT returns were submitted on paper, roll forward to next April and businesses must be proficient with APIs and digital links. So what does this all mean? What are the challenges and obstacles? How do you overcome them?’

He added: ‘These are the points we shall be addressing, and more, in how to navigate the MTDfv maze.

‘We’ll discuss other topical VAT issues which may affect businesses who have supply chains or a footprint in the UK. This includes intended legislation to close VAT advantages arising from offshore loops and what’s new in VAT and property.’

  • For further information and registration via Eventbrite: https://makingtaxdigital.eventbrite.com.