Making Tax Digital
All You Need to Know
MTD is only one key step in our ever-growing technological journey.
Many businesses will be compiling their first MTD VAT return for April, May, June and filing it at the end of July. But VAT is just the beginning, with the digitalisation of the rest of the tax regime set to follow. The UK government has made it clear that MTD will be extended to other taxes, such as corporation tax, although this will only come into play next year at the very earliest.
Automation will not only streamline tax processes and improve efficiencies, but also enable businesses to adopt better working practices.
Cloud accounting and online-based systems have revolutionised the way we live our lives and run our businesses, giving 24/7 access with direct bank feeds, data capture plus the use of external apps.
If you are a VAT registered business with a turnover of over £85,000 you should have adopted suitable software to allow you to file under the new legislation, either a full book keeping package or bridging software if you are using spreadsheets.
If you are unsure as to which software suits your business or overwhelmed by the choice available then contact us to discuss this ASAP. Remember, what suits one business may not suit another. It is what you as a business require from the software as well as complying with legislation. We can…
Let us assist you through the necessary transition and check that you are operating the software to get the best results for your business.
We can set you up in the cloud so that you can access and maintain your records on the go, easily keep a track of all transactions and simplify your book keeping by taking a photo of a receipt on your phone and downloading it into the software.
We would have access to your records, enabling us to give advice in real time and not need to acquire and process your records before advising and offering continuous support where required.