ALL YOU NEED TO KNOW
Making Tax Digital
As businesses reopen and we start a new tax year we wanted to explain the initial steps you need to take in your business /with your rental property in order to comply with HMRC’s move to Making Tax Digital, MTD, which will be phased in over the next few years.
The first to be affected were clients who were VAT registered, who have now completed the transition and are currently working with the new digital compliance regulations.
The next clients affected are people with buy to let (rental) properties with a rental income of £10,000 or above. These will be followed closely by sole traders and partnerships and finally bringing up the rear are the Ltd Companies.
Clients WILL have to adopt digital processes so we would encourage you to start taking the necessary steps to avoid a last-minute rush.
Automation will not only streamline tax processes and improve efficiencies, but also enable businesses to adopt better working practices.
How We Can Help
Cloud accounting and online-based systems have revolutionised the way we live our lives and run our businesses, giving 24/7 access with direct bank feeds, data capture plus the use of external apps.
If you are unsure as to which software suits your business or overwhelmed by the choice available then contact us to discuss this ASAP. Remember, what suits one business may not suit another. It is what you as a business require from the software as well as complying with legislation. We can…
Assist
Let us assist you through the necessary transition and check that you are operating the software to get the best results for your business.
Set up
We can set you up in the cloud so that you can access and maintain your records on the go, easily keep a track of all transactions and simplify your book keeping by taking a photo of a receipt on your phone and downloading it into the software.
Access
We would have access to your records, enabling us to give advice in real time and not need to acquire and process your records before advising and offering continuous support where required.
