The digital revolution is on its way! Making Tax Digital is the biggest shake up of the tax system EVER, and we thought we had better be very well prepared, in order that our clients can effortlessly enjoy the benefits!
SO, WHAT’S IT ALL ABOUT?
Very simply, Making Tax Digital is about keeping your financial records for HMRC in a digital format and using software for accounting that speaks nicely to the software that HMRC uses for all tax purposes. Yes, it may very well mean changes for a lot of people, but as we have already suggested, there are very many benefits to these changes. Not least, having real time financial information at your fingertips and the one we really like – the joy of not having to hang on to lots of paper receipts. They can be processed on the go without the worry of losing them or them becoming unreadable when the coffee is spilt all over them! No more last-minute scrambling with year-end accounts since HMRC will require quarterly submissions. Streamlining at its very best, saving you time and of course, money. We are all for that!
For those of you who don’t use software for your accounts there are a number of providers out there for you to choose from. Here at ACG we have spent considerable time researching the merits of each and are delighted to say that we have teamed up with QuickBooks https://quickbooks.intuit.com/uk/accounting-software/ and Kashflow https://www.kashflow.com/accounting-software/ Speak to us before making your decision and before buying!!
WHEN DOES ALL THIS CHANGE HAPPEN?
The first phase of Making Tax Digital begins in April next year for all businesses that are above the VAT threshold. If you are an existing customer of ACG, we will be in touch very shortly to discuss your requirements. Of course, if you are not already a customer, we are more than happy to offer a free 30-minute chat to discuss how we can assist you through the transition phase, to get you up and running and confident with the software.
It is expected that the timeline for other businesses will follow suit in 2020.
As we said at the very beginning of this blog post, we are very well prepared – having lived and breathed the whole process for the last year! Why not take a look at our website for more information and to find out how we can help you get ahead with your business as the digital revolution begins!