“Making Tax Digital (MTD) is an HMRC initiative designed to make sure the UK tax system is effective, efficient and easier for taxpayers”.
By preparing early, business owners can rest assured they will be compliant when the new regulations are introduced.
We are here to help you understand why digital tax management is becoming mandatory. We have a specialist team ready to help with your move to the best software available.
VAT-registered businesses above the threshold of £85k will be expected to keep digital records and submit VAT returns using compatible software. Other components of Making Tax Digital, such as income tax and corporation tax, have been placed on hold until April 2020 at the earliest.
What are the key benefits?
More effective – Tax recording will be more accurate, providing fewer opportunities for errors, miscalculations and fraudulent activity.
More efficient – The process will be faster and more automated, not only for businesses, but for accountants and HMRC, helping save valuable time.
Easier to manage – With the right software, MTD will make it easier for small businesses to record and file their tax returns online.
A visual timeline of the key dates for entering the pilot and the dates that MTD for VAT goes live (information provided by HMRC)
Full information on the pilot eligibility criteria and small deferral group is available at; gov.uk/government/publications/making-tax-digital
See MTD as a positive with our online accounting solution
For a free one hour systems review and advice on the right approach for your business
We understand the impact of compliance on your business, we are committed to equipping you with the technology and support you need to be ready. No matter how you work, we offer compatible, proven and compliant software to prepare you for Making Tax Digital.
Remember, if you are a client that currently uses our recommended accounting solution, the new MTD for VAT compatible functionality will be available to you with no additional fees and no need to upgrade.
As accountant partners of Xero we can offer reduced monthly cost. Our team are certified, so we are always available to help support you with the software you choose.
Still require more information or advice? Contact our Accounting Operations Manager, Kelly Street, who will talk you through the conversion options and help migrate your clients and their historical data for free, as a good will gesture – 01942 816 512
OUR BOOKKEEPING & MANAGEMENT ACCOUNTS SERVICE
Increase profitability and boost the value of the business with our guidance
Make informed business decisions throughout the year with expert insight and guidance
Our service lets you can get on with running your business safe in the knowledge that your accounts are accurately reconciled.
Our team of expert bookkeepers will process all your business transactions, ensuring they are allocated to the correct expense. And, if you are VAT registered, it will be precisely accounted for too. With a fast and informed bookkeeper working for your business, any queries will always be addressed quickly, not at the end of year when that missing receipt is hard to find.
By combining our bookkeeping service with management accounts, you will have one expert team taking care of your books alongside the review and analysis of transactions occurring in tandem, resulting in substantial cost savings.
We give you the flexible support you need and effectively use the management accounts information provided to increase profitability and boost the value of the business.
Sit back and relax, we will take care of the following:
- Setting up your accounting system including bank and trading accounts as well as easy access to the management information you need
- Agreeing and arranging a timetable for processing your accounting functions such as making payments, collecting sums due to the company and payroll
- Assisting with the preparation of your VAT returns
- Producing management information to include key performance indicators and financial covenants so you can make timely decisions
- Dealing with the processing of the Customer, Supplier and Nominal Ledgers, including processing and reconciling all cash transactions, whether these are from the bank, credit card or till
- Managing cash and bank balances
- Provision of cover for long periods of absence, through either planned leave or unforeseen circumstances
Whether you need short term bookkeeping support, or a more detailed narrative of your business from our management accounts team, we can save you time and help you take control of the business.
Still require more information or advice? Contact our Accounting Operations Manager, Kelly Blanchard, who will be happy to talk you through our service offering – 01942 816 512