18 Jan Are you MTD ready?
From April 2019, the way landlords and businesses handle their bookkeeping & accountancy will be transformed with the introduction of Making Tax Digital.
After the deadline, all VAT registered businesses will have to go digital.
It seems likely that more businesses will have to join in the next few years.
More and more UK businesses have started to take advantage of cloud accountancy in the last decade. This makes Making Tax Digital a natural next step. Our clients have mostly chosen to start using the accounting software Xero, therefore all of our accountants have undergone training and become Xero qualified. As Xero partners since 2012, we have helped multiple businesses transfer onto the cloud.
Smaller businesses are already able to voluntarily convert to cloud accounting. That is excellent news for start-ups who can be MTD compliant from the very beginning! Accountancy has never been easier, with companies using digital bookkeeping to keep up with tax compliance, via the cloud.
Eventually, all companies will be expected to keep their financial records up-to-date and submit quarterly updates to HMRC online. One of the most noticeable changes is the addition of email correspondence directly from HMRC, which will replace all post correspondence.
Wondering how Making Tax Digital could impact your business? In need of advice on how to prepare for this big change? Book your Discovery Call today and one of our expert advisers will be in touch.
Alan Davidson is a Chartered Accountant, director and founder of Pentins Business Advisers, entrepreneur and author of the Amazon best-seller “Achieve Your Business Vision”. With over 25 years of helping businesses succeed, Alan knows how to build a business with real value, while avoiding costly mistakes.