Making Tax Digital for Business
As of April 2019, the implementation of HMRC’s ‘Making Tax Digital’ (MTD) initiative means the digitalisation of your business’ finances will be a legal requirement. HMRC has put this compulsory measure in place to ensure the filing of taxes for businesses is easy and efficient. At Kirkwood Wilson, we believe the introduction of HMRC’s ‘Making Tax Digital’ is an opportunity to bring your business into the future and begin cloud accounting now, even if you won’t be immediately affected. Our team of ‘Making Tax Digital’ specialists can perform a review of your current record-keeping arrangements and help you to remain compliant with the requirements.
HMRC’s ‘Making Tax Digital’
It is the government’s ambition for the UK to become one of the most digitally advanced tax administrations in the world. They are committed to delivering a modern digital tax system that reduces the amount of tax lost due to error.
The main aim of this scheme is to update the way you file your taxes from manual to digital. As such, digital accounting has now become a necessary part of your business’ finances with the ability to file information through online software.
Software platforms like Xero store all your company’s data in one place and keeps it secure. Keep track of your business’ finances easily with bespoke software that ensures you are always HMRC compliant.
HMRC’s ‘Making Tax Digital’ will initially only impact VAT registered businesses above the £85,000 threshold. However, preparation for all businesses is essential because those below the threshold are expected to be included in the initiative soon after.
Get ready for digitalisation with Kirkwood Wilson
Kirkwood Wilson can help you get ready for the ‘Making Tax Digital’ deadline by updating your business’ finances to cloud accounting today. Our team understands that the switch to digital accounting can seem overwhelming. We are here to support your transition to digitalisation and get you up to speed on everything cloud accounting has to offer.
Xero is a fully approved and compatible HMRC software. As Xero specialists, Kirkwood Wilson can ensure your business is ready for the changes and will get you right up to speed with how to use your cloud software. The advantages of digital accounting are extensive, so contact us today to start the process. Call our team on 01704 546000 or email us on email@example.com for more information.