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Kirk Rice Blog

Business Issues To Prepare For In 2019Written on January 24, 2019 by Kirk Rice LLP

Business Issues To Prepare For In 2019

At the start of last year we wrote an article about some of the important business issues that were going to arise for businesses in 2018. We mentioned the changes in taxation of company dividends, preparing for MTD (Making Tax Digital) and GDPR. Looking back, whilst GDPR brought with it more red tape than one could ever wish to see, the other points were relatively simple to take in one’s stride.

Well, 2019 should bring a few more challenges! Here are few of the key business issues which you need to keep up to date with.

Brexit

Being potentially the biggest issue faced by UK businesses in recent times, it’s still surprising that at the time of writing, less than two months before Brexit, that we don’t yet know how it’s going to turn out. Whatever happens (unless a second referendum overturns the first), there are going to be a plethora of issues to resolve for a lot of our clients. There isn’t much more to say on the matter without speculating, but one thing is for sure – all business owners should be aware what areas of their business might potentially be disrupted and be ready to be flexible..!

Making Tax Digital (MTD)

Whilst we urged businesses to prepare for this in 2018, this year we need to implement it. Despite protestations and appeals for clemency, MTD  for VAT-registered businesses goes live just 2 days after the supposed Brexit date, showing that HMRC have at least retained a sense of humour. Everyone else remains due to implement this by 2020.

Fortunately, we have seen a great many of our clients put into place the required infrastructure, even if that has simply been to move to a cloud-based accounting package such as Xero or Kashflow.

Unfortunately, we find that a large number of businesses remain unprepared for this (particularly non-clients!), or at least are not fully aware of the obligations that arise when this kicks in. Please keep an eye out for our articles on this business issue, or ideally attend one of our seminars over the next few months. It really is crucial to make sure your business systems are ready. There will be huge benefits arising from doing so, and we hope that the end result is greater efficiency and less admin time for many clients.

 BOOK A PLACE ON A FREE MTDfV SEMINAR

Automation

Tying in with the MTD implementation, Automation is one of the buzzwords in the accountancy industry for 2019. There are many opportunities for savings and time efficiencies resulting from the tie-ins available for accounting software platforms, and other new technologies. It’s important to be aware of what is available, and how some routine administration tasks and many industry-specific applications can be dealt with by IT solutions. Please make sure you are covering this with your client manager during this year. It may well be that some small investments can lead to great improvements.

HMRC enquiries

Expect to see more tax enquiries. HM Revenue & Customs can be expected to start turning the screw and becoming more aggressive during 2019. Their new IT systems, which take data from multiple information sources can more accurately automate the enquiry selection process, and identify issues far better than any human selections did before. Through the Common Reporting Standard, they also now have automatic bank data feeds from over 100 countries, so foreign-held funds are going to be visible to them. Please review your position, this is not a business issue which can be ignored, and be aware of the Tax Investigation Service offered to our tax clients (click here for further information) which insures your business against our fees for dealing with tax enquiries.

DOWNLOAD OUR JANUARY 2019 BUSINESS REVIEW

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If you would like to discuss how any of these business issues, please email mailto:info@kirkrice.co.uk and we will arrange for one of our General Practice Partners to get in touch.

Please note: answers are given for general guidance only and specific advice should be taken before acting on any of the suggestions made. The FCA does not regulate tax and trust advice.

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