Making Tax Digital
What exactly is it all about?
Quite simply, it really is a huge shake up of the UK tax system.
WHAT WILL THIS MEAN FOR YOUR BUSINESS?
Currently businesses employ various methods to keep their accounting records, paper, spreadsheets or accounting software. As from April 2019 all registered businesses with a turnover above the VAT threshold will have to keep their records digitally using a choice of software.
From April 2020, at the earliest, all other taxes will follow suit.
HMRC will then require quarterly updates.
- Sole Trader
- Sole Trader V.A.T registered
- A Partnership within your business
And whilst that might sound scary and confusing, we genuinely believe that the proposals will very much contribute to streamlining your accounting system and prove fundamental to on-going business success.
As a business owner you will need to choose whether or not you would like to undertake this process yourself or whether you would like your accountant to to maintain your business records to help you to comply with the changes in legislation.
HOW DO WE MAKE THE CHANGE?
If you decide you would like us to support you, we will take you through a step by step process:
- Transfer your existing data and upload to your new digital accounting software
- Link your accounts to your bank account
- Enable Apps to your phone or tablet to allow for ease of “working on the go”.
- Demonstrate your chosen system and show you how to get the most from your accounts.
- Provide ongoing support if required.
HOW MUCH IS THIS GOING TO COST?
It will depend on a number of things. Let’s face it; no two businesses are the same. For this reason, we have put together a number of packages for you to consider. You can make the best choice for your business depending on your budget, availability to do your own accounts and the level of ongoing support you think you may require.
One size does not fit all when it comes to business and if you feel you would like anything different to what we are proposing, just let us know.
If you require support please feel free to check out our Support Packages page here