Why are we Making Tax Digital and what does it mean?
We are now in the final stages of consultation relating to the proposals to Make Tax Digital and this will revolutionise the way that we keep accounting records and submit information to HMRC
From 2018, many sole traders, partnerships and landlords will have to submit their information to HMRC on a quarterly basis. This will lead to all of your tax information being kept by HMRC in your personal digital account, and you will be able to access this to help you manage your tax affairs.
On the whole, we see this as a positive move by HMRC, but it will have consequences that you need to be aware of. Amongst these are:
1: You will need appropriate, digital accounting software and will need to prepare early in order to be competent in using the software
2: You will need to be ‘bang up to date’!
3: You will have fewer opportunities for ‘end of year tax planning’ as HMRC will be dealing with Real Time Data
And how can Kirkwood Wilson help?
We have taken the time to fully train our team in the most up to date digital accounting systems.
We can offer Xero, Quickbooks or Sage training on a one-to-one basis and will help you decide on the most appropriate package for your type of business. We will not just take a ‘one size fits all’ approach. We will stand by your side in moving from a manual to digital approach, and help you at every step of the way.
In addition, we will review quarterly submissions before they are due so that we make sure we don’t miss any opportunities
And what if you just don’t want to do it? At Kirkwood Wilson we can build a tailored bookkeeping and accounts package and do it all for you. Our starting point for this is from just £100 per month and this would include your bookkeeping, quarterly submissions and relevant tax planning.
If you would like any further information, please contact us on 01704 546000 or email us at [email protected]