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 for most businesses with turnover above £10,000, you will need to start planning for Digital Tax now.
So, what’s the good news?
We’ve teamed up with two of the major Cloud software companies to provide our clients with the best possible fully compliant accounts package. There are significant benefits to your business if you use one of our recommended packages.
To find out more, visit our Cloud Accounting page
The deadline for the introduction of Making Tax Digital has been extended for those that have annual turnover below £85,000. Therefore, you will not need to keep records digitally and send HMRC quarterly updates until April 2019.
Those with annual turnover above the VAT threshold will be required to keep digital records and send HMRC quarterly updates from April 2018.
To discuss how Making Tax Digital could affect you and your business, please get in touch with one of the team.