Cloud accounting for Making Tax Digital
Making Tax Digital (MTD) is the UK Government’s programme for getting businesses and individuals reporting tax entirely online. The ultimate aim is for all tax to be managed through digital software reporting in real time to HMRC. In practice, that means no more paper records or copying and pasting from one document to another.
As of April 2019, all UK businesses trading with a taxable turnover of more than £85,000 must keep records digitally and file quarterly VAT returns using MTD compatible software. From April 2022, MTD for VAT extends to cover all VAT-registered businesses. Then, from 2023, sole-traders and landlords with combined property and business income of more than £10,000 per year will also need to comply. MTD for corporation tax is expected no earlier than 2026 – but it’s worth getting ready now.
For support with making your business MTD compliant, get in touch today. We’ll review your existing systems and processes to highlight areas of concern and recommend efficient, cost-effective and easy solutions. We generally advise clients to build their financial setup around Xero, our preferred cloud accounting package, but will, of course, take each client’s circumstances into account.
- Making Tax Digital compliance review
- MTD compatible software advice
- Software setup, including Xero
- Training and ongoing support
“I have been with Andow Ellis for 5 years now after starting my own business. Andow Ellis are easy to contact when I had things I was unsure of and always able to provide answers to my questions. The company put me onto a digital package which has made filing my receipts easily and saved me a lot of time. Very happy to recommend to other business people I have come across who are looking for an accountant.”
Michael Robbins | Business owner
If you like the sound of a friendly local accountant who understands the challenges you face, with a relentless focus on efficiency and consistency, we should talk sooner rather than later. We can’t wait to learn about your business and start sharing ideas.