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Making Tax Digital is opportunity for accountants to help business grow

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Written by: Andrew Merrell | Posted 05 June 2017 16:35

Making Tax Digital is opportunity for accountants to help business grow
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‘A period of growth’ is how the managing partner of one of the county’s biggest accountancy practices described the lie of the land for his business.

Tim Watkins, who heads up the firm which is also lead sponsor of this year’s Gloucestershire Business Awards, Randall & Payne, said the was significant investment going on behind at the scenes.

Gearing up to help their customers and new businesses manage the changes to a digital tax system, as dictated by our friends at HMRC, is among one of the most significant developments.

The UK-wide changes were, said Mr Walker, nothing short of a revolution and Shurdington -headquartered Randall & Payne intended to be able to make life easier for business

“Making Tax Digital (MTD) is the most fundamental change to the administration of the UK tax system for a generation, revolutionising the way in which businesses, landlords, individuals and tax agents interact with HMRC,” is how the ICAEW a world leading professional membership organisation that promotes, develops and supports more than 147,000 chartered accountants worldwide.

Mr Watkins said: “We have been very busy making sure we are ready to support businesses with all the technical challenges and we are also looking to develop and grow our own business.

“It has required a lot of investment and training. We have invested a lot in software, but ultimately it is about developing people. We have a very good group of people working for us anyway, and they are taking everything to the next level now.”

Essentially MTD will mean businesses and landlords will be required to use commercial accounting software to maintain their records and to update HMRC quarterly.

And as for the business awards, due to take place in October this year with a huge showpiece gathering at Cheltenham racecourse, Mr Walker said the event continued to round the year off for the business community in style.

“The business awards go on and on. I think the way it is promoted ensures it has a high profile, the robustness of the judging makes people realise they are genuine awards, and for us as a firm it is great to be involved with all that is good in Gloucestershire,” said Mr Watkins.

Entries are still very much open in all of the categories, except the life time achievement award, sponsored by QuoLux.

To find out more visit the Awards page of Southwestbusiness.co.uk and follow the links.

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