11 September 2018

Getting ready for Making Tax Digital

From April 2019, HMRC is changing the way that information is provided to them. All VAT registered businesses will be affected. It’s vital that your business software is compatible and ready. Under HMRC’s Making Tax Digital (MTD) initiative, it’s likely that smaller businesses will have to do the same in the coming years. In practice, this means that your bookkeeping needs to be on an online compliant package – a move away from desktop or manual record keeping. Doing nothing is not an option and will lead to fines and penalties. Moving your records to a cloud-based system will enable this new digital reporting, in addition to a host of additional benefits such as access to real time financial information from any device, at any time, automated processes, bank integration, and more efficient online collaboration with your team at Scott-Moncrieff. HMRC’s requirement under MTD may be an obligation but it also offers many businesses a huge opportunity to improve their processes, create efficiencies and to get more from their data. If you would to move your bookkeeping to Xero, an MTD-ready online accounting solution, we can help by moving your records ad providing support and training.