In July 2017, HMRC announced that all businesses and individuals will need to file their accounting information digitally.
By April 2019, businesses above the VAT threshold will need to keep digital records. 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. It is a significant change for many of us and means the end of the annual tax return being replaced with a digital tax account where all your information will be stored in one place.
Online Accounting Software
We can help you move your bookkeeping system from your current system to the Cloud. We will ensure that your system is set up and ready for you to use, that you are fully trained on how to do your bookkeeping and that you are ready to make your MTD submissions to HMRC.
We are experts in Cloud Accounting. Our preferred cloud accounting solution is Quickbooks Online, we even offer in-house training sessions for those clients who wish to do their own bookkeeping. Aside from this, we are also experts in Xero.
Cloud accounting software has significant advantages over the traditional ways of bookkeeping;
- Access your bookkeeping any time, anywhere, from any device.
- Invoice your customers on the go from the software app on your phone and speed up getting paid!
- Your bank feeds import your bank transactions directly into your software streamlining your bank reconciliations and saves you precious time.
- No need to log into HMRC to submit your VAT return, simply submit through your cloud software.
- We can log onto the software at any time to see how you’re doing and give you proactive, real time advice on your numbers.
Benefits of Digital Accounting
- 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