Anti-money laundering (AML) checks have long been part-and-parcel of the profession, but there are signs on the horizon that AML compliance will be a battlefield for accountants.
With MTD dominating the agenda, don’t forget it’s that time of year to sweat the small stuff, closing the Payroll calendar for the previous financial year. Getting out those all-important P60s to ensure due compliance. With that in mind Capium has come up with a simple 6-step process to get you ready for the next financial year.
1. Check on payroll period ending
Topics: RTI Payroll
The business of buying and letting property can be compared to playing three-dimensional chess. Decisions made at one stage will affect the tax payable and the deductions allowable for tax at later points in the property business lifecycle.
Making Tax Digital (MTD) means more admin for accountants and clients, alike. A significant challenge we discuss in our regular meetings with HMRC relates to helping small businesses cope with the increased workload.
As we’ve mentioned before, HMRC isn’t creating its own software for Making Tax Digital (MTD). Instead, they’re working closely with external solutions like Capium, which they’ve recognised as an MTD-ready solution to link into their systems. As a result, we’re in constant contact with HMRC, discussing compliance challenges and how software can address them.
This self-assessment season is truly like no other. I know it sounds dramatic, but it’s true – because the usual winter craziness comes just before the April 2019 Making Tax Digital (MTD) roll-out.
There’s no question that the introduction of Making Tax Digital (MTD) is changing the compliance landscape for accountants and their clients. And that means accountants are playing an even more important role in guiding businesses through the changes.
Having the right software in place at the right time is key to Making Tax Digital (MTD) success – for both accountants and clients. After all, more frequent return submission means more information to process and a more significant workload, and the right technology helps keep processes efficient, profitable and secure.