Making Tax Digital (MTD)
Making Tax Digital (MTD) is one of the biggest shake-up’s to happen within HMRC and will fundamentally change the administration of the UK tax system.
From April 2019, VAT registered businesses with a turnover above £85,000 will be required to comply with the MTD record keeping, reporting requirements and VAT returns will need to be filed using MTD compatible software. From April 2020 it is most likely that it will be necessary for nearly all non VAT registered businesses to comply as well.
How we can help…
Cloud based bookkeeping systems provide the simplest and most cost effective solution to achieve MTD compliance. Northover & Co are specialists in cloud based technology. Having tried and tested many out there, we have chosen to partner with QuickBooks Online . QuickBooks Online has established itself as one of the market leaders due to its simplicity, ease of use and excellent value for money. We also support the other market leader Xero should you wish to explore this option further with us.
Some of the key benefits of using cloud bookkeeping software…
- Simple and easy to use, even for those with little/no bookkeeping experience.
- It will save you time completing your bookkeeping whilst providing a more comprehensive set of records than your standard use of excel or basic software.
- Records will be regularly kept up-to-date which should save any last minute chasing from us.
- Once set-up and training is complete, accounts preparation should be more accurate and simplified, resulting in lower Annual Accountancy Fees.
- Your Accounts will be prepared sooner, giving you more time to plan for future tax bills as well as look at current and future trading opportunities.
- Your VAT will be tracked automatically and up-to-date financial reports will be available at the click of a button.
- Direct links can be set up to your Bank, Credit Card and Loan Accounts to automatically populate your transactions into the software.