MAKING TAX DIGITAL
The administration of the UK tax system is going through a fundamental change.
Learn how business can embrace this change, and enjoy huge benefits for both organisations and business owners.
Making Tax Digital Is Coming. See how this tax change could really work for you and your business.
In a bid to make the UK tax system ‘effective, efficient and easier’ for taxpayers, HMRC is launching Making Tax Digital (MTD) on April 1st 2019.
From that date, VAT-registered businesses with a turnover above the threshold of £85k will have to keep digital records and submit VAT returns using compatible software like Xero.
For these businesses VAT returns will have to be filed via a new HMRC portal using software capable of two-way interaction with HMRC.
Details of all transactions have to be held in a digital format – although paper copies of invoices can still be retained as backup.
Making Tax Digital can:
- Make your business more efficient
- Give you more flexibility
- Create a true paperless accounting system
- Help you get paid quicker
- Provide the real-time information to help run your business
- Create more time for you and your family
From April 2020 (at the earliest), those same businesses will also have to file their quarterly accounts online. Other businesses can choose to opt in, in due course.
The real opportunity of digital integration is to reap the rewards that cloud-based accounting software can provide. Xero is already MTD ready and approved by HMRC. Using Xero, you join the thousands of businesses already achieving the benefits listed above
Don’t get left behind, let us help you change your processes, change your profits, and change your life for the better.
Download our whitepaper and see what MTD can do for your business.