Make the move to cloud accounting as stress-free as possible with Murphy Salisbury
Making Tax Digital (MTD) is just around the corner. This is one of many reasons why businesses need to make the switch to cloud accounting.
At first glance, this might seem like a big change, but our cloud software accountants are on hand to make your transition to cloud accounting as smooth as possible.
Making Tax Digital advice
Next year will see a significant change to the way VAT returns are submitted to HM Revenue & Customs (HMRC) by businesses with annual revenues of £85,000 or more.
From April 2019, businesses will need to submit VAT returns on a quarterly basis using a ‘designated cloud software package’. This is the first stage in the implementation of MTD, which is intended to take the filing of most taxes online in the coming years.
If you need Making Tax Digital advice or help with cloud accounting, look no further.
Cloud accounting support
Our cloud software accountants already support clients who use Xero, Sage One and QuickBooks – and we want to help you too.
Cloud accounting packages can ‘future-proof’ your business in readiness for the changing face of Making Tax Digital. Xero, Sage One and QuickBooks accountancy packages also enable you to share financial information in real time with our team and quickly produce bills and invoices.
Keeping digital records and making quarterly updates will not be made mandatory for taxes other than VAT before April 2020 at the earliest. This timetable differs drastically from the original system proposed by the Government and restricts the number of businesses immediately affected by the MTD regime.
Nevertheless, businesses do need to be prepared – which means seeking out cloud accounting and Making Tax Digital advice sooner rather than later.
Contact us today to find out how we can save your business time and money, while making the transition to Making Tax Digital for VAT as stress-free as possible.
Keep up to date with Making Tax Digital
MTD for VAT clarified in new communication from HMRC
Professionals call on Treasury not to lower VAT threshold before MTD and Brexit
More than two-fifths of small business owners are still unaware of MTD
HMRC launches digital tax pilots
HMRC launch MTD pilot for “hundreds of thousands” of businesses
‘True costs’ of Making Tax Digital still unclear, says Treasury Committee
Fines of up to £3,000 for failure to comply with Making Tax Digital, says HMRC
Consultation on late submission penalties for MTD
One-year delay to MTD for small businesses ‘not enough’
HMRC defends Making Tax Digital timescale at House of Lords
Taxman offers concessions on MTD
Making Tax Digital faces fresh criticism from House of Lords
HMRC will ask thousands of sole traders to ‘trial’ Making Tax Digital this year
HMRC publishes long-awaited responses to Making Tax Digital consultations
Treasury Committee calls on HMRC to delay Making Tax Digital
Only six per cent of self-employed business owners are aware of Making Tax Digital
50-page report calls upon Government to delay Making Tax Digital
Government will respond to Making Tax Digital consultations in January 2017
Making Tax Digital could lead to “catastrophic collapse” in customer service, say MPs
Revenue sets out first plans for Making Tax Digital