MTD in a nutshell
Before we dazzle you with our MTD solutions, let’s cut through the noise with a brief description that covers the MTD basics.
Making Tax Digital is an attempt made by the HMRC to do exactly what the name suggests. Currently, once a year, businesses have to file one headache of a document but once MTD is implemented, small businesses will be enforced to keep electronic records of their accounts using a software which has been approved by HMRC. Business will have to file their tax information digitally and on a quarterly basis.
With a personal digital account, individuals will be able to send the information directly to HMRC and check details throughout the year to make sure that they are correct. This means there will be no more hunting around for receipts come tax time so in theory, an easier system all round.
Who will this affect?
By April, 2019 above VAT threshold (£85,000) businesses will need to keep their records digitally for VAT purposes.
It is likely smaller businesses will be required to keep digital records shortly after. This changes the way HMRC wants information from tax payer and means that you may need to move from your existing desktop or manual record keep and onto an online accounting package
The good news is that UKEA are certified in the installation and operation of Online Accounting software which is digitally compliant and specifically designed for small and medium sized business.
How can UKEA help you?
We have teamed up with various major Cloud software companies to provide our clients with the best possible fully compliant accounts package.
If you use one of our recommended packages:
- It’s on the Cloud so you can get a clear view of your finances any time any place
- Run your business from work, home or on your mobile
- Use your mobile to photograph purchase invoices and expenses and upload these to the software
- It automatically grabs bank receipts and payments in real time