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Welcome to Strength in Numbers Autumn 2018

Welcome to the latest issue of Strength in Numbers, our regular newsletter which brings together timely news and updates covering topics relevant to the everyday concerns of businesses and individuals alike.

The first phase of Making Tax Digital (MTD) is fast approaching, beginning with a new regime for VAT reporting from 1 April 2019. Under the new rules, businesses must keep their VAT records digitally and submit their VAT return to HMRC through MTD compatible software. In this edition, VAT partner Alison Birch considers the new penalty regime for late submission and late payment in relation to MTD for VAT.

MTD is intended to make the UK tax system more effective and efficient and will bring about major changes for affected businesses. To assist you in preparing for these changes, we are hosting a seminar on Making Tax Digital for VAT in conjunction with St Helens Chamber of Commerce on 27th September 2018. To book your place, please email bookings@mitchellcharlesworth.co.uk. Alternatively, please contact a member of our team to discuss any issues you may have in relation to the new MTD regime.

Alongside VAT, our other specialist services have also contributed articles to this edition. Brian McCann, one of the partners in our corporate finance team, asks whether the time is right to ‘scale-up’ your business, Richard Penn, a chartered financial planner in our wealth management team, explains the various ways you can protect your income and Jeremy Oddie, corporate recovery and insolvency partner, takes an in-depth look at the UK high street and what can be done to stop its decline.

We go back to basics with an article on the importance of the audit from partner, Michael Buxton, as well as a helpful list of VAT do’s and don’ts.

Our clients’ needs have become less about tax compliance and more about dealing with their tax planning. In response to this, we have further enhanced our senior tax team with two appointments, strengthening our well established specialist tax offering and enabling us to add even greater value and service to our clients. Our specialist tax team have contributed articles to this edition, including information on Enterprise Management Incentives and R&D Tax Credits.

We hope you find the articles in this issue interesting and of practical use. If you would like to discuss any of the items in this newsletter or need advice on general financial, taxation and business matters, please contact your local Mitchell Charlesworth office.