Honouring Service: Barry & Wright Offers Discount to British Ex-Forces Entrepreneurs

At Barry & Wright, we have always believed in supporting those who have dedicated their lives to the service. Some of us have also served and know the difficulties of starting in a new world 'Civvy-Street'. That's why we are thrilled to announce a new initiative that is close to our hearts. We are offering a 20% discount to qualifying ex-forces sole traders, small businesses and entrepreneurs.

Our business has always been rooted in community and values. We know the immense sacrifice and dedication it takes to serve in the armed forces and the difficulties of resettlement. As a way of expressing our gratitude and support, we wanted to create a special program that helps ex-forces personnel transition to civilian life and thrive as entrepreneurs.

Who Qualifies for the Discount

This offer is exclusively for British ex-forces sole traders, small business and micro-entity owners. Whether you're a veteran who has just started your own business or you've been running it for years, you're eligible for this discount.

If you require any bookkeeping, accounts or VAT enquiries, Barry & Wright will extend a helping hand, simply provide proof of your status, such as your veterans ID or certificate of service, and we'll apply the discount on all services. If you are already a customer, just contact us and quote our referencing the 'Barry & Wright Ex-Forces Discount'.

Join Us in This Journey

We're excited to embark on this journey of giving back to those who've given so much for our country. If you're a ex-forces, we invite you to reach out and explore how we can support you. At Barry & Wright, we believe in the power of community and the strength of unity. Together, we can build a brighter future for British ex-forces entrepreneurs. Thank you for your service, and thank you for choosing Barry & Wright.

Contact us today

Navigating the Digital Tax Revolution: Making Tax Digital for VAT in the UK

In an era where technology continually reshapes the way we live and work, the United Kingdom's tax landscape has not been left untouched. Making Tax Digital (MTD) for VAT is a pioneering government initiative aimed at modernizing and streamlining the process of tax collection. With its rollout, understanding the intricacies of MTD for VAT is crucial for businesses operating in the UK.

What is Making Tax Digital for VAT?

Making Tax Digital for VAT is a fundamental component of Her Majesty's Revenue and Customs (HMRC) digital transformation strategy. It requires eligible businesses to maintain digital records and submit their Value Added Tax (VAT) returns via MTD-compatible software. The key objectives of MTD for VAT are to reduce errors, improve efficiency, and enhance compliance with VAT regulations.

Under MTD, businesses are required to maintain their accounting records digitally. This means storing transaction-level data in a digital format, rather than relying on traditional paper records. Accounting software, spreadsheets, or specialized MTD software can be used to meet this requirement.

Perhaps the most significant change introduced by MTD for VAT is the requirement to submit VAT returns electronically through compatible software. The 'old' method of filing paper returns is no longer permissible. Businesses must also use their digital records to calculate and submit their VAT returns. Businesses are required to submit their returns every quarter, to bring their tax system closer to a real-time.

The Benefits of Making Tax Digital

1. Reduced Errors: By using digital records and automated calculations, the likelihood of manual errors in VAT returns is significantly diminished, leading to more accurate tax reporting.

2. Efficiency: Digital record-keeping simplifies the process of managing financial data, making it easier to analyse, manage, and extract vital business insights.

3. Streamlined Compliance: The digital approach ensures that businesses adhere to VAT regulations and deadlines, reducing the risk of non-compliance and associated penalties.

Challenges and Concerns

While MTD for VAT brings numerous advantages, it also presents challenges. Some businesses may struggle with the costs associated with new software and staff training. Additionally, there are concerns about data security and potential technical issues when transitioning to digital systems.

Making Tax Digital for VAT is a significant step toward a more efficient and accurate tax system in the UK. For businesses, compliance is essential, and it's equally important to understand the evolving regulations and requirements associated with this initiative. By embracing the digital transformation and adapting to these changes, businesses can streamline their financial operations, reduce errors, and contribute to a more modern and efficient tax system in the UK. For the latest updates and specific guidance, businesses should refer to HMRC's official resources and consider seeking professional advice when needed.

https://www.gov.uk/government/publications/making-tax-digital/overview-of-making-tax-digital

Visit the government website for in-depth information on MTD, or contact us at Barry & Wright today.