Making Tax Digital

Making Tax Digital

Is your business ready for the April 2019 deadline?

Making Tax Digital

How will Making Tax Digital affect your Vat registered business

Making Tax Digital is a mandatory new law, set by HMRC. It will come into effect in April 2019. More importantly, it is a big change in the UK tax system. The aim of the scheme is to make tax administration tasks easier and more effective. As well as to reduce overhead costs for tax affairs. HMRC are going digital. It will be compulsory for all VAT registered businesses in the UK (including sole traders, limited companies, partnerships, charities).The new law stipulates that businesses will have to:

  •  Keep digital bookkeeping records – spreadsheets and paper will no longer be accepted
  • Submit returns via HMRC compatible cloud-accounting software – such as Xero and QuickBooks

Business owners who are below the tax threshold of £85 000 can also volunteer to be part of the Making Tax Digital regulations. It is expected that Making Tax Digital for income tax and corporation tax are expected to follow in April 2020.

Are you still using outdated spreadsheets?

Making Tax Digital means that all information will have to be stored in a digital format. Using cloud-accounting software, such as Xero and QuickBooks is the answer to this!

Do you find that you still hoard all your receipts?

Are you losing track of the the receipts you have piling up? Are the receipts getting lost altogether?Using an app like Receipt Bank is the answer to this!

Are you still posting or filing your tax return via the HMRC portal?

The new Making Tax Digital law means that this old school method of filing will no longer be permitted. Again, cloud-accounting software is the answer here! In April 2019, you will only be able to use HMRC compatible software like Xero and QuickBooks

Solutions to Making Tax Digital

Cloud-accounting software

With HMRC officially going digital, our business is too! That's why we can help with setting up your cloud-accounting software correctly. We use a handy, easy to use form to obtain all the relevant information and even set it up for you! Our business support doesn't stop there. We also help to maintain all the bookkeeping records on Xero or QuickBooks to ensure that the information is compliant. From here you will be able to create branded invoices, unique to your business. Get your direct bank feed connected to ensure you are always up-to-date. Shmunky Bookkeeping and Admin Support work alongside your accountant in order to reduce costs.

Digital receipt storage

Shmunky Bookkeeping and Admin Support is in fact, so ready for Making Tax Digital, that we actually offer Receipt Bank free of charge to our clients! With this useful app you will be able to take a picture of your receipt and forget about it. We do the rest! No more hoarding receipts. No more losing thousands of pounds due to lost receipts. Just simple to use digital software, on your phone, that takes seconds to use. Not only will you save time, you will save storage space and your sanity! The best part? We are able to obtain financial information quickly and effectively ensuring that your financial records are always current.

Online tax submissions

Using the cloud-accounting software (Xero/QuickBooks), we are able to work alongside your accountant, in order to submit the records to HMRC. As a result of being an HMRC Money Laundering Agent, we are also able to help with things like CIS submissions and PAYE. Shmunky Bookkeeping and Admin Support is really an all in one business support system!

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