From 1st April 2019, all VAT registered entities with an annual VATable turnover above £85k will have to keep a digital record of their VAT transactions and submit them automatically using MTD compliant software. This requirement will be extended to all businesses and landlords through income tax and corporation tax returns the following year.
Whilst this may seem to be just more legislation you could well do without, it's actually a perfect opportunity to start working more efficiently, saving time on recording transactions, correcting errors and submitting returns. It will also free up your accountant to focus on what they do best - giving you business advice!
So even if your business isn't above the VAT threshold or you simply earn an extra income from renting out property, it's well worth getting ahead now and preparing for the changes before of the rush.
Many traditional accountants are not ready for MTD and will struggle with demand from 1st April 2019. If however, you want to stay with your existing accountant but want to get digital now before the rush you can!
Just need help setting up with digital software to do your own books? That's absolutely fine too. We can help you set up and get you on your way. We have cheaper software plans with Xero not available directly from as little as £3 per month. We can provide as little or as much support as you need. You can even chop and change.
With less work for your accountant in preparing books, you may also find you make considerable savings too!
Just some of the benefits:
Take a look at what Xero software can do for your business.
Need help getting digital or need more information? See our useful links or contact us now
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