Get Ahead of the Game

09 November 2016 11:01

For more current information on Making Tax Digital, have a look at our new post "Is Making Tax Digital on Hold".

In March 2015, HMRC announced its Making Tax Digital (MTD) initiative, and has since issued consultation documents to outline its aim and invite business owners, accountants and professional bodies to comment on the proposals.

Very simply, HMRC would like quarterly reporting. Although they suggest this will not require a separate form/return to submit, apparently the reports will be provided using whatever digital software you choose.

The consultation has now finished, and HMRC will now be sifting through the comments and concerns raised. However, HMRC are keen to press on with the bold changes as from April 2018. Firstly, the changes will apply to unincorporated businesses and landlords (though there will be exception for the smallest of businesses), and it is expected it will apply to companies at a later date. By 2020, HMRC expect MTD to be fully operational.

Why not get ahead of the game?

Here at MoynanSmith, we deal with a number of online accounting software providers and can offer substantial discount on their products. Benefits of using online accounting software include (but not limited to!):

  • Real time bank feeds, speeding up your bookkeeping
  • Real time reports, meaning you can get up to date reports relevant to your business (rather than waiting until after your accounts have been prepared)
  • We can remotely log in to the software should you have any queries.
  • And...getting prepared for MTD.

Got any queries? Get in touch today. We're more than happy to meet up over a coffee.

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