A new UK government initiative called ‘Making Tax Digital’ is underway – modernising accounts to real-time finance management in the Cloud, which will eventually replace income tax. The challenge ahead is to get clients compliant, before penalties take effect.
With Making Tax Digital underway, it’s only a matter of time before we will all be expected to record and report everything digitally, and make all returns and filings online. In fact, there will be HMRC penalties for those that don’t comply. Our clients have access to cloud accounting software, which makes it easy to share and collaborate, wherever they are and whenever it is convenient. Talk to us about how we can get your business set up with key finance technology, to streamline how we work together.
A new UK government initiative called ‘Making Tax Digital’ is underway, modernising accounts to real-time finance management in the Cloud, which will eventually replace income tax.
The challenge ahead is to get clients compliant before penalties take effect, and it is affecting most people trading, including sole traders by 6 April 2024. All those that are VAT registered need to comply by April 2022. Those over the VAT threshold (£85k turnover), have already been made to move to the Cloud. This initiative forms a big drive for LHP. We’re geared up to this as Xero Platinum Partners, offering packages, training and support. We also provide QuickBooks and Sage One packages and training.
Our team is highly collaborative, tech savvy and believes in investing in staff and sharing knowledge across the team. One of our challenges is to communicate the real benefits of Cloud to clients and the wider business community, in the coming year. Namely the benefits of:
Features of cloud accounting clients love include:
Download Making Tax Digital Factsheet (PDF)
Get in touch with our team of cloud accounting specialists to chat about how we can help you make the switch to cloud accounts in time for the Making Tax Digital deadlines to avoid headaches and penalties.
Our team of 80+ staff are based across six offices in South Wales in Carmarthen, Haverfordwest, Tenby, Cross Hands, Lampeter and Aberaeron. Get in touch for advice and help in making the switch!