Making Tax Digital
Making Tax Digital (MTD) is the most fundamental change to the administration of the tax system for at least 20 years. In July 2017 HMRC announced that all businesses and individuals will eventually have to file their accounting information digitally. By April 2019 VAT registered business above the VAT threshold (£85,000) will need to keep and submit their records digitally for VAT purposes. It is likely smaller businesses will be required to keep digital records shortly after.
The essential elements for businesses and landlords are:
- Paper records will no longer be sufficient: It will become mandatory for almost all businesses and landlords (self-employed, partnerships and limited companies) to use software or a spreadsheet to keep accounting records. Paper accounting records will cease to meet the requirements of tax law.
- Quarterly reporting: There will be a requirement to submit updates to HMRC each quarter directly from accounting software, within one month of the end of each quarter.
As your accountant I will support you through these changes and provide the ongoing services that you need.
Online accounting software
In recent years the emergence of cloud accounting software has enabled business owners to have a better, real-time overview of their finances whilst improving the collaboration with their accountant.
I have a good working knowledge of SageOne, Kashflow, Xero, and Quickbooks.
I am a Proadvisor for Quickbooks Online and I am looking to move my clients to this software package going forward, if they are not already using an online package.
I am able to introduce my clients to the benefits of cloud accounting including which system suits their needs best. I can then set the system up and organise the transfer of data from any existing bookkeeping system. I will then provide any training and ongoing support as required.
Require more information?
If you would like more information or would like to speak to me direct then call me on 07754 050880. Or if you would prefer, ask me a question online.