From April 2019 most VAT registered businesses were required to submit their VAT returns through the government’s Making Tax Digital for Business system and has been reasonably successful. This is part of HMRC’s generalised movement towards becoming a more digitally advanced tax administrator.
All other traders were to come under MTD in April 2020 but this was postponed until April 2021. Don’t delay why not start using software so that you are in advance of the requirements.
For more information about how Making Tax Digital might affect your business, please call us today.
Perhaps you might have heard about cloud accountancy packages and wonder what this means. Being hosted on a cloud means access is made through the internet (a web page) and can be accessed via a multitude of devices such as laptops, tablets and mobile phones, using unique log in details. This often creates greater flexibility than traditional desktop packages that could only be operated from a single computer. Most cloud software packages allow for multiple user profiles which can be set with appropriate user controls depending on how much information the user is authorised to access. With the ability to update accounts in real time, and from any location where internet access is available cloud accounting is becoming a popular choice for many small businesses. For more information, contact us today!