Digital tax is coming be prepared for the change!
Her Majesty’s Revenue & Customs (HMRC) has issued plans to make businesses file quarterly information with them. How individuals and businesses interact with HMRC is changing.
Keeping your financial records will become increasingly digital and most businesses, the self-employed and landlords will need to use software or apps to keep business records – the days of manual record keeping will be over! There are exemptions, but most businesses with turnover above £10,000 will need to start planning for Digital Tax now.
So what’s the good news?
We’ve selected two leading Cloud software companies to provide our clients with the best possible fully compliant accounts packages, and there are significant benefits to your business if you use our recommended packages:
- It’s on the cloud so you can get a clear view of your finances any time any place;
- You will never need to do back-ups of your accounting software ever again;
- Run your business from work, home or potentially mobile;
- Do as much - or as little – of your record-keeping as you like; since we will also have access we can do some or most of the work for you;
- As we can see what you can see we can discuss problems of record-keeping ‘live’, or go in to correct problems while you get on with running your business;
- The package will not only allow you or us to file the new quarterly reports, but will also generate and submit VAT returns and other reports with one click!
The intention is that if you want to, you can see your results, who owes you money, who you owe and your business bank balance 24/7 from your smart phone!
Once HMRC are clear on exactly what is needed we will be contacting our clients to discuss the new HMRC rules and to demo how easy the new system is. In the mean-time, if you are ‘good to go’, call us and we will be delighted to help you comply with Digital Tax and streamline your business to a whole new level.