Making Tax Digital

simply click on the icons below to sign in to your cloud based software

for more information please read on

What is Making Tax Digital?

Making Tax Digital (MTD) is part of the government’s plan to make it easier for businesses to stay on top of their day-to-day accounts. HMRC wants to be one of the most digitally advanced tax administrations in the world – improving efficiency, effectiveness and ease of compliance. The plans signal the end of paper accounting for millions across Britain.

From April 2019, legislation will require businesses above the VAT threshold to set up a digital tax account and file quarterly returns online. Preparation starts now, with businesses and accountants moving online to improve efficiency, boost profitability and make the transition painless.

The government has proposed a move to a fully digital tax system by 2020. This is a major transition in the industry that will redefine the way you interact with HMRC and go about your daily, monthly and yearly accounts.

The proposed reforms will bring three main changes:

1. Every business will be issued with a digital tax account so financial data is updated in real-time.

2. Annual tax returns will become a thing of the past. Tax will now be assessed every quarter.

3. Businesses will need to track and submit their financial records using a cloud based solution in order to integrate seamlessly with HMRC’s new system.

Setting you up for success in the new world of accounting

Tomorrow’s world is quickly becoming today’s reality and we’re already exploring all the ways that cloud based software can help you, our clients. Accountancy and bookkeeping are undergoing a rapid change and we are fast approaching a world that only a few years ago, most people wouldn’t have thought possible.

Using a combination of voice activation, the latest advances in machine learning and artificial intelligence, cloud based software is exploring new ways to answer your questions faster, offer advice on decisions and help you work more efficiently. This future is already underway and we look forward to sharing these innovations over the coming months and years as technology only gets smarter.

What may seem at first like a huge shift and a daunting task, is actually the most logical next step in progressing your business. MTD has been the driving force behind this shift to cloud based software but it is set to make your life so much easier that you’ll wish you had made the move earlier.

For more information on the software and how it can help you please click on the icons below.

Robinson Udale has partnered with the following software providers.

click on the icons to find out more

Although broadly the same, each provider has its advantages and disadvantages depending on the size and nature of your business. Please don’t hesitate to contact the office and we will be happy to talk through your options.

MTD isn’t likely to effect you until April 2019 (2020 if not VAT registered) but it makes absolute sense to impliment a new system now so that you are ready when the changes happen. For that reason we strongly advise that you take action sooner rather than later. The longer you have to get used to your new accounting system, the easier it will be to transition to the new legislation. After all its likely to make your life easier anyway so why wouldnt you!?

Here are just a few of the benefits:

 

Everything you need to take care of business

Automatic bank feeds

Connect your online bank account to automatically import your transactions, reducing time spent on manual data entry and spotting errors

Intelligent Software

Machine learning enables the software to learn your habits and automatically analyse and allocate transactions to the correct categories

Reports and Insight

Profit & loss, balance sheet, trial balance, and more – clever reports empower business decisions

Award Winning Apps

Invoice, capture expenses, manage and reconcile bank transactions on the go using the free, award-winning mobile apps

Time Savings

An average saving of 8 hours per month when using cloud based software

Availability Anywhere

Connect anytime, anywhere. All you need is an internet connection

Advice on demand

Collaborate with your accountant in real time and have acress to 24/7 support

Compliance

Calculate and submit HMRC VAT returns – confidence with compliance

simply click on the icons below to sign in to your cloud based software

What is Making Tax Digital?

Making Tax Digital (MTD) is part of the government’s plan to make it easier for businesses to stay on top of their day-to-day accounts. HMRC wants to be one of the most digitally advanced tax administrations in the world – improving efficiency, effectiveness and ease of compliance. The plans signal the end of paper accounting for millions across Britain.

From April 2019, legislation will require businesses above the VAT threshold to set up a digital tax account and file quarterly returns online. Preparation starts now, with businesses and accountants moving online to improve efficiency, boost profitability and make the transition painless.

The government has proposed a move to a fully digital tax system by 2020. This is a major transition in the industry that will redefine the way you interact with HMRC and go about your daily, months and yearly accounts.

The proposed reforms will bring three main changes:

1. Every business will be issued with a digital tax account so financial data is updated in real-time.

2. Annual tax returns will become a thing of the past. Tax will now be assessed every quarter.

3. Businesses will need to track and submit their financial records using a cloud based solution in order to integrate seamlessly with HMRC’s new system.

Setting you up for success in the new world of accounting

Tomorrow’s world is quickly becoming today’s reality and we’re already exploring all the ways that cloud based software can help you, our clients. Accountancy and bookkeeping are undergoing a rapid change and we are fast approaching a world that only a few years ago, most people wouldn’t have thought possible.

Using a combination of voice activation, the latest advances in machine learning and artificial intelligence, cloud based software is exploring new ways to answer your questions faster, offer advice on decisions and help you work more efficiently. This future is already underway and we look forward to sharing these innovations over the coming months and years as technology only gets smarter.

What may seem at first like a huge shift and a daunting task, is actually the most logical next step in progressing your business. MTD has been the driving force behind this shift to cloud based software but it is set to make your life so much easier that you’ll wish you had made the move earlier.

For more information on the software and how it can help you please click on the icons below.

Robinson Udale has partnered with the following software providers.

click on the icons to find out more

Although broadly the same, each provider has its advantages and disadvantages depending on the size and nature of your business. Please don’t hesitate to contact the office and we will be happy to talk through your options.

MTD isn’t likely to effect you until April 2019 (2020 if not VAT registered) but it makes absolute sense to impliment a new system now so that you are ready when the changes happen. For that reason we strongly advise that you take action sooner rather than later. The longer you have to get used to your new accounting system, the easier it will be to transition to the new legislation. Afterall its likely to make your life easier anyway so why wouldnt you!?

Here are just a few of the benefits:

 

Everything you need to take care of business

Automatic bank feeds

Connect your online bank account to automatically import your transactions, reducing time spent on manual data entry and spotting errors

Intelligent Software

Machine learning enables the software to learn your habits and automatically analyse and allocate transactions to the correct categories

Reports and Insight

Profit & loss, balance sheet, trial balance, and more – clever reports empower business decisions

Award Winning Apps

Invoice, capture expenses, manage and reconcile bank transactions on the go using the free, award-winning mobile apps

Time Savings

An average saving of 8 hours per month when using cloud based software

Avilability Anywhere

Connect anytime, anywhere. All you need is an internet connection

Advice on demand

Collaborate with your accountant in real time and have acress to 24/7 support

Compliance

Calculate and submit HMRC VAT returns – confidence with compliance

Make the move – you won’t regret it!