Making Tax Digital is intended to bring the UK tax system into the 21st century by providing businesses with a modern, streamlined system to keep their tax records and provide information to HM Revenue & Customs (HMRC). The timetable for rolling out Making Tax Digital has been amended to ensure that small businesses have sufficient time to prepare for the changes.
The first to be affected will be small VAT registered businesses and individuals with a turnover above the VAT threshold of £85,000, who will be required to keep digital records for VAT purposes from 1st April 2019.
We believe that Making Tax Digital should be seen as an opportunity for small businesses and individuals to benefit from new cloud accounting technology to help reduce their administration burden whilst also receiving better, up-to-date and relevant business information.
Benefits of Digital Accounting include:
- Create and send invoices on the go
- Track sales, purchases, debtors and creditors
- Connect to your online banking
- View a snapshot of your business
- Estimate tax payments
- Easy tax filing that matches HMRC requirements
- Manage customers and suppliers
- Create estimates, purchase orders and manage your stock
- Access to your information remotely
