HMRC’s Making Tax Digital initiative aims to modernise the whole tax system and the way in which records are submitted to HMRC.
Every individual and business now has access to their own personalised digital tax account and these are being regularly expanded and improved. HMRC’s ambition is to become one of the most digitally advanced tax administrations in the world, modernising the tax system to make it more effective, more efficient and easier for individuals to comply.
HMRC want to give businesses plenty of time to adapt to the changes and therefore are beginning slowly.
From April 2019 all businesses above the VAT threshold of £85,000 had to move to digital record keeping for VAT purposes.
From April 2022 legislation will require all other VAT registered businesses, including sole traders, partnerships and individuals, to move to digital record keeping as well.
Cloud-based accountancy software applications, such as Quickbooks, Xero and Sage, have been developed to deal with these changes. Our staff are fully trained and certified users of these packages.
There are many benefits to using cloud based accounting:
We offer discounted rates for these software packages – please do contact us to find out how we can help you set up and use the software to ensure you benefit from all it has to offer.