How To Plan Ahead for Digital Change
- Posted on: 8th August 2018
- Posted in: News
The deadline for businesses to comply with HMRC’s Making Tax Digital (MTD) regime is less than a year away so the time is now to consider your method of record keeping.
As a reminder, from April 2019, VAT registered businesses with a turnover exceeding the £85,000 VAT threshold will be required to file VAT returns through MTD compliant software and not via the current HMRC portal.
HMRC are in ongoing discussions with various software providers to ensure a number of platforms will be compatible with the requirements of MTD.
Our online accounting team has extensive knowledge of the various online accounting platforms and range of software available in order to be able to offer the best solutions to our clients in keeping with their needs. There are a number of leading online accounting software providers, such as Xero, Quickbooks Online and Twinfield, which will be compatible and have an extensive range of features and functionality beyond just the ability to submit your VAT returns.
Whilst the initial focus of this move to an online accounting platform may be focused towards being MTD compliant, there are a number of additional benefits to be gained from using the software. Having advised hundreds of clients on their software needs, including setting up and converting, we have been able to both save client’s time in their record keeping process, as well as enhance the value of management information and data which can be extracted from the software.
So whether you currently keep your records on paper, in Excel or on a desktop based accounting software, we are here to help make your conversion to an online software as pain-free and ultimately rewarding as possible.
Please contact Jake Standing on 01273 811 000 for further information. Following an initial discussion we can also offer a free 1 hour 1-2-1 consultation on your online accounting requirements.