Making Tax Digital
Are you aware of the changes affecting all businesses and individuals?
By April 2019, businesses above the VAT Threshold will need to keep Digital records and from 2020 this should apply to all other businesses who will be updating HMRC quarterly for their corporation tax, Income Tax and National Insurance obligations digitally. It is a significant change for many of us and means the end of the annual tax return to be replaced with a digital tax account where all your information will be stored in one place.
This change in the way HMRC wants information from tax payers means that you may need to move from your existing desktop or manual record keeping and onto an online accounting package.
The good news is we are experts in the installation and operation of Online Accounting software which is digitally compliant and specifically designed for small and medium sized business.
We are already assisting many of our clients make this transition to digital record keeping to ensure they are ready well in advance of HMRC “go live” dates.
If your accountant hasn’t started talking to you already about this important change it is very unlikely you will have sufficient time to fully prepare.
We can provide this guidance and give you the support you need to ensure full compliance so contact us now to create an implementation plan.
Also see our cloud accounting information for further guidance.
Call Mark Warman or Jeannette Giles on 01527 836836 today.