The whole tax system is changing. Recent HMRC proposals mean the filling of information digitally will happen for most UK businesses over the next few years.
Using accountancy software can make your bookkeeping more efficient and easier to share your accounts with your accountant and HMRC. Our team can advise on the most appropriate software for your business and support you to ensure that you systems are used in the most efficient and cost effective way possible. We can also offer our clients reduced rates for many online accounting software packages.
Making Tax Digital is intended to bring the UK tax system into the 21st century by providing businesses with a modern, streamlined system to keep their tax records and provide information to HM Revenue & Customs (HMRC). The first to be affected will be small businesses and individuals with a turnover above the VAT threshold of £85,000, who will be required to keep digital records for VAT purposes from April 2019.
We can work with you to prepare for Making Tax Digital. As small business owners ourselves, we understand what is required to manage your business records digitally.
HMRC will not be offering software to help you report quarterly, we can offer advice on the best software to suit your business and help prepare your records for the transition.
Download our Making Tax Digital for VAT Frequently Asked Questions here