Making Tax Digital (MTD) for Income Tax will require businesses to keep digital accounting records and submit quarterly returns to HMRC. These changes will apply to businesses, self-employed individuals and landlords with turnover over £50,000 from 6 April 2026. Those with turnover above £30,000 will be mandated to comply from 6 April 2027 and other businesses and landlords may be mandated at a later date.

Since MTD was announced, we have been working with many of our clients to help them streamline the way they keep their books and help them prepare for digital bookkeeping ahead of the law change. If you haven’t moved your bookkeeping onto a digital package then please talk to us.  

Just suppose you:

  • Took a photo on your phone of a purchase invoice and it was posted automatically;
  • Had a system where your bank fed your data directly into your accounts on a DAILY basis; and
  • Could see your results, who owes you money, who you owe, and your business bank balance 24/7, 365 from your smart phone.

We can help you put in a cloud accounting package and get you:

  1. A clear picture of your current financial position, in real time;
  2. Put your books 100% online, so there’s no software to install and everything is backed up automatically; and 
  3. Eliminating upfront accounting software costs – upgrades, maintenance, system, and administration costs are no longer an issue.          

Please talk to us about the advantages of a cloud accounting package, you will be amazed what a difference knowing your results in real time makes to your business!  

 

Source: 2020

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