The events across Northern Ireland will tackle the new HMRC requirement ‘Making Tax Digital’Ulster Bank is marking Global Entrepreneurship Week with a special roadshow of Boost events which will visit three Northern Ireland towns throughout the week.
Taking place on 14th, 15th and 16th November in Belfast, Derry~Londonderry and Newry respectively, the ‘Time to Grow’ events will provide business owners with insight from industry professionals into best practise for growing and maintaining a successful business.
With key note speakers from KPMG, the main focus of the events will be on helping small businesses prepare for a major change in the way taxes will be recorded.
‘Making Tax Digital’, an initiative from HMRC, means that from April 2019, VAT-registered businesses above the threshold of £85K will have to keep digital records and submit VAT returns using compatible software. Further plans are in place to look at making corporation tax and income tax submissions digital as well.
But with just six months until the introduction of the requirement, Ulster Bank is seeking to address a lack of awareness among SMEs about the change.
Cara Taylor, Business Growth Enabler at Ulster Bank, said “Making Tax Digital is a really radical change to the way that businesses will need to deal with HMRC, but with less than six months to go until it is introduced, it is clear that many businesses are not aware of the change in requirements.
“The Boost programme exists to provide start-up and scale-up businesses across Northern Ireland with access to the networks, knowledge and skills to help them sustain and grow their business.
“We know that small businesses have to multi-task when it comes to dealing with ‘admin issues’ like tax, so that’s why we’re investing significantly in helping to prepare them for such a big change and why we have partnered with leading business advisers in KPMG for these events to help answer any questions that they might have.”
Making Tax Digital is aimed at reducing errors, improving record keeping and helping businesses to get a real-time view of their likely tax liabilities. It will enable businesses to send information to HMRC at the click of button, rather than logging on to a portal and typing in data to submit returns as a separate activity.
Frankie Devlin, Indirect Taxes Partner in KPMG’s Belfast office, said: “It is essential that businesses are fully prepared to submit their VAT return digitally because HMRC’s online service won’t be available from April 2019. Now is the time to make sure you assess your business, ensure you have the appropriate systems in place and are prepared for a potential increase in requirements through Making Tax Digital.
“These events are the perfect opportunity to help you and your organisation get up-to-speed with the new system.”
At each workshop, business owners will also be given advice on how to better manage things like cash flow and learn how Ulster Bank’s improved online services can help them carry out everyday banking transactions with more efficiency.
The events form part of a busy week of celebrations being hosted by Ulster Bank to mark Global Entrepreneurship Week, running from 12th – 16th November. For a full list of what’s going on follow #GEW18 on twitter.
Time to Grow events will take place as follows:
Wednesday 14th November 12noon KPMG, Belfast
Thursday 15th November 12noon City Hotel, Derry
Friday 16th November 12noon, Bellini’s, Newry
You can learn more about the latest business news in Northern Ireland and across the island of Ireland by visiting Sync NI's dedicated 'Business' hub.
