What is making tax digital?
Making Tax Digital (MTD) is part of government (HMRC) plans to make it easier for businesses to get their taxes in order and keep on top of their tax affairs. This will see an end to the annual tax return when it’s fully implemented. Ultimately, it’s designed to streamline tax records and information for all businesses in the UK. Initially, it will only affect businesses and landlords with a turnover above the VAT threshold starting from 1st April 2019. We can help if you’re unsure about this in any way, just get in touch.
How can my business become tax digital?
You need to have digital records of all of your accounting information. Your specific accounting software may very well be tax digital compliant but we can assist you with setup and ensure everything is in order should you come under scrutiny. Our accountants are trained in various accounting software including the latest in cloud accounting innovations.
What does my business need for Making Tax Digital?
- Records must be kept on a digital system
- VAT returns must be sent to HMRC digitally
- The account must connect to an API so HMRC can review records upon request
- The API needs to be MTD compliant software that also ensures data protection
- Have clear internal reporting with accessible digital footprints
Income tax MTD has been delayed until 2020 when HMRC expects this to be mandatory. 2020 might seem ages away, but the key to every successful business is preparation. We at WKM Accountancy Services, recommend you start preparing now, so by the time MTD is mandatory, you are already used to what is expected and won’t be receiving any fines.
At WKM Accountancy services, we have been integrated with cloud accounting for many years and know the benefit of being paperless, having all our information to hand, anytime, anywhere. Cloud accounting leaves less room for mistakes which results in more time for you to focus on your business.
This is a great opportunity to take control of your finances and bring your systems up-to-date giving you valuable information at the right time.
Making Tax Digital services from WKM Accountancy
Whether you’re looking for Making Tax Digital for individuals or a larger business, we’re ready to help, regardless of your size. We are prepared to offer a range of services to help you with this new initiative.
What we can help you with:
- Getting ready for MTD
- Choosing the right accounting software for your business
- Improving your business record keeping and advice on cloud storage
- For those who are not confident with cloud accounting, we will be happy to take you through the best way to get started
- We are also available to offer in-house training for clients who feel they just need to be pointed to the right direction in the beginning.
For more information on Making Tax Digital, please feel free to contact us for a free consultation on phone or using the form below.