Making Tax Digital - Less than 6 Months to go!

HMRC are introducing Making Tax Digital (MTD) for all VAT registered businesses who have a turnover over £85,000 from April 2019. It’s now less than six months away!

This means that digitally compliant software will be essential for submitting a VAT return, and submission by logging onto HMRC directly will no longer be an option.

This upcoming change means that a cloud-based product will be a natural choice for many businesses. However, those businesses using desktop packages should contact their software provider to ask if the version of the software that they currently use will be able to meet the MTD requirements.

Are you ready?

A recent study showcased how over 40% of businesses were unaware of the mandatory changes that will be taking place six months from now. With many businesses still using paper-based accounting systems, they will have a lot of work to do in order to be compliant with Making Tax Digital for VAT.

We are cloud accounting experts, and we are ready!

Should you wish to switch to a cloud accounting platform you will find that there are numerous benefits on top of being HMRC compliant. The main benefit comes from how much time you will save. You will have a direct feed from your bank account into your accounts, hugely streamlining the data input process. You will also be able to take photos of expense receipts, meaning that there is no need to keep retain those difficult to file invoices. You will be able to access your business information 24/7, any time and any place, through a secure login. You can also enter data “on the go”, a great example being creating and sending invoices to your customers from your phone, therefore helping you get paid quicker.

Cloud accounting is efficient, and will make the entire accounting process faster and more automated for your business, giving you time to concentrate on ensuring that your business is successful.

How we can help you prepare...

If you are struggling to distinguish which accounting software suits your needs, or you don't know where to start, our dedicated team are on hand to help. We have experience working with QuickBooks, Sage, Kashflow and Xero. We will sit down with you and discuss your options. At Sheards we can provide you with the most relevant digital accounting software, train you on entering your data and make the process cost effective for your business.

To make sure you are completely MTD ready we are having monthly MTD workshops which are free to attend, and are held in our meeting room.

We have also been running a survey this month to try and find out if businesses are ready for MTD. You can fill this in before 26th October to be in with a chance of winning a Prosecco & Chocolate Truffle Gift Box. Watch out for the results of this coming out soon, and more information on how we can help you to overcome any obstacles you may have.

Together we can be ready to Make Tax Digital!

Sheards are cloud accounting experts

qb sage xero freeagent kashflow

Home | Contact us | Accessibility | Disclaimer | Help | Site map | SeptemberSeptemberjanuary

© 2024 Sheards Chartered Accountants. All rights reserved.

Sheards is the trading name of Sheards Accountancy Limited. Registered in England and Wales: Company no. 06837228. Regulated by the Institute of Chartered Accountants in England & Wales.

Registered to carry on audit work in the UK and regulated for a range of investment business activities by the Institute of Chartered Accountants in England & Wales.

The registered office is: Sheards Chartered Accountants, Vernon House, 40 New North Road, Huddersfield, West Yorkshire HD1 5LS
We use cookies on this website, you can find more information about cookies here.