Making Tax Digital
The first phase of Making Tax Digital is well underway. As of 1st April 2019, all VAT-registered businesses with a taxable turnover above the VAT threshold (£85,000) are now required to comply with the HMRC’s Making Tax Digital system.
Compliance is expected to become mandatory for businesses with a taxable turnover below the threshold when phase 2 of MTD comes into fruition no earlier than April 2020. At present compliance is available on a voluntary basis.
While the transition may seem daunting, Simpkins Edwards are already guiding many through the process. With our expert knowledge and guidance, your business can plan with confidence.
Firstly, what is Making Tax Digital?
Making Tax Digital is all part of the governments ambition to become “one of the most digitally advanced tax systems in the world”. Their long-term aim is focused on improving collection of tax, enhancing their relationship with taxpayers and making better use of their resources to reduce errors and non-compliance.
Making Tax Digital compatible software
As a business, you will be required to preserve and then submit your existing tax records digitally. Cloud-based accounting software, or bridging software for Excel users is required.
We can guide you through the process of digitalising your records, as our people are trained and certified with many software providers including Sage, QuickBooks, Xero and FreeAgent.
How can we help you to plan with confidence?
We help you implement the best solution for your business. This may include providing training or Simpkins Edwards providing a fully-comprehensive bookkeeping service.
As well as ensuring you are MTD-compliant, we can also design and implement systems and processes to save you time and money. We can review your internal procedures to identify areas where new technology can improve efficiencies.
Embracing cloud-based accountancy software enables you, and us, to review your data on a real-time basis, which is invaluable for decision-making. We offer quarterly or monthly management information reports so that you can make the most out of the financial information that is processed.
The management reports are customised depending on the key performance indicators that are important to you. We can work together to ensure you have access to the information of most value and can plan with confidence.
Register for Making Tax Digital
Simpkins Edwards can support your business through the transition to digitisation.
Please contact us on 01392 211233.