Making Tax Digital
Big change is coming for sole traders and landlords in the form of Making Tax Digital (MTD).
This change will affect all individuals with sole trader income / turnover over £10,000 per year.
For accounting periods starting 06/04/18 these businesses will need to submit quarterly figures to HMRC digitally. This process cannot be manual or spreadsheet based, it must be computerised in order to comply with HMRC’s requirements.
Clients will have 30 days after the end of each quarter to submit their figures otherwise they will receive penalty points.
Clients need to change their habits now, embrace the cloud and get organised with their bookkeeping.
We offer an in-house bookkeeping service and also a cloud software solution to all business clients.