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 software, which makes it easy to share and collaborate, wherever they are and whenever it is convenient.
Talk to us today 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 2023. 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.
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:
Download our Making Tax Digital Factsheet (PDF)
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Get in touch with our team of Cloud specialists to chat about how we can help you with Making Tax Digital.