In July 2017, HMRC announced that all businesses and individuals will have to file their accounting information digitally.
What does this mean?
By April 2019, businesses above the VAT Threshold will need to keep Digital records and from 2020 this should apply to all other businesses who will be updating HMRC quarterly for their corporation tax, Income Tax and National Insurance obligations digitally. It is a significant change for many of us and means the end of the annual tax return to be replaced with a digital tax account where all your information will be stored in one place.
This change in the way HMRC wants information from tax payers means that you may need to move from your existing desktop or manual record keeping and onto an online accounting package.
The good news is we are certified partners of QuickBooks Online, Xero, and Sage Business Cloud Accounting. These cloud accounting packages reduce the burden of managing your business finances and provide many other advantages that are detailed on our Cloud Accounting page, as well as being digitally compliant.
Some of our clients have already gone digital and they are delighted with the results. Here are just a few of the comments we’ve heard:
"Amazing, I can’t believe what a difference this has made to my business!"
"We never have to do back-ups of our system again!"
"We love the fact we can post invoices, check the bank and see who owes us money using the App on our phone!"
Please contact us for more information.