MAKING TAX DIGITAL (MTD) IS COMING
If you haven't heard about this, you definitely will do soon. The latest government initiative to simplify and digitize our tax system is in full effect and will have far reaching implications for how businesses keep their accounts.
From April 2019 all VAT registered businesses will have to maintain their bookkeeping and accounts records on digital accounting systems, pre-approved by HMRC. The clamor for your custom from accounting software providers is already reaching fever pitch, with packages such as Sage, Xero, Free Agent and Quickbooks at the forefront.
We have spent a great deal of time over the last few months attending MTD seminars and testing the various software packages on offer and feel we are well placed to assist our clients with the transition MTD will bring and advising on the most suitable packages available, specific to your business. We will also help administrate the programs on your behalf should you wish.
While changes to well established systems and routines can be viewed as disruptive, MTD actually presents an opportunity for more proactive accounting and the ability to generate and analyse meaningful figures on a more regular basis. Many of the systems we have viewed have genuine positive aspects that could be harnessed to the benefit of your business, from both an organisational and profitability stand point.
We have already contacted those clients immediately effected directly, and if you haven't already had an MTD meeting with us, you will no doubt have one scheduled. However in early December we will be emailing out a further detailed fact sheet about MTD and what it will mean to you, to all our clients.
MTD will eventually filter through the entire tax system and we will be keeping our clients fully up to date with the relevant legislation and dates, both here and through our email - however as always we welcome any queries or questions you may have.