Making Tax Digital/ Online Accounting

What is it?

Making Tax Digital (MTD) is the most fundamental change to the administration of the tax system since self-assessment over 20 years ago.

What does it mean for me?

1. Electronic record keeping – You will have an obligation to keep and preserve records digitally

2. Quarterly reporting – Updates of income and expenses are required to be made to HMRC (within 30 days of the end of each quarter has been proposed)

When do these changes come into effect?

1. April 2019 – Businesses above the VAT threshold will be required to keep their records digitally and to provide quarterly updates to HMRC directly from that accounting system.

2. April 2020 (at the earliest) – Companies, partnerships, the self-employed and landlords will be required to report quarterly.

How can you help me to meet these obligations? We are certified advisors for the following leading cloud-based software companies which in our opinion offer the best solution to Making Tax Digital whilst providing a large number of additional features and benefits:

More About<br /> Xero

More About<br /> Quickbooks Online

We can help set you up with fully compliant software and have already dealt with a large number of conversions. We can provide ongoing support once you are up and running.

What action should I be taking now?

If you are already using fully compliant cloud-based software then you can relax wondering what all the fuss is about! If you are not already using such software then don’t bury your head in the sand, come and talk to us now. The earlier you embrace the change the easier it will be and the sooner you can begin enjoying the benefits of online accounting!