The implementation of Making Tax Digital (MTD) for VAT has already rolled out for VAT registered businesses trading over the threshold (£85,000) and those with a turnover below the threshold required to follow the MTD rules starting April 2022. Further to this HMRC plan to roll out MTD for Income Tax to all Self-employed businesses and landlords with income above £10,000 starting 06th April 2023. This on the whole will see the end to using spreadsheets and hand written books of accounts to keep track of your income and expenses, furthermore anyone using old versions of software that are not HMRC MTD compliant will also fall out of compliance. More details on MTD and its implications can be found on the GOV.UK website https://www.gov.uk/government/publications/making-tax-digital/overview-of-making-tax-digital .
With this in mind now is an ideal time to find out the benefits switching to cloud based software can bring to your business. As a QuickBooks Online Advanced ProAdvisor I can help show you the benefits and savings switching can make to your business. On top of this I can offer a full data transitioning service including set up of your accounts so everything is ready to run, QuickBooks training, on going help and support as required and discounts on your subscriptions. Please contact me for a free initial consultation on how I can help bring added value to your business and ensure you are in full compliance with HMRC.