Making Tax Digital

Making tax Digital is a phrase you may be aware of and it will affect your business.

The current tax system is being transformed by HMRC and their digital service is being set up. The aim is to bring all tax information into one place, to reduce form filling and HMRC will use this information to predict a potential tax liability.

The proposal is that from April 2018 businesses will have to submit quarterly uploads of their accounts data to HMRC, this is not just a list of balances like a VAT return but will include some of the detail.

HMRC’s final details are still in consultation but the current proposal is that any business with annual turnover in excess of £10k will have to submit these quarterly uploads so this will affect you. The submission will be required in a digital format which means cashbooks or spreadsheets will no longer be sufficient.

So why do you need to do something now?

2018 may seem a long time away but the first return has to be submitted within 1 month of the quarter end. We need to help you act now so you are in a position to meet these requirements.

What we are doing to help you?

As you will be required to keep your accounting records on suitable software, we hope to help you make the transition as seamless as possible.

We have assessed the options on the market and we are recommending online software that will be delivered by Hare and Co, powered by the market leaders Kashflow. This is easy to use online software, accessible from anywhere and there is no accounting jargon!

We are offering you the opportunity to attend a demonstration of the Kashflow software in January 2018.

What will it cost me?

There is a cost to us for providing this software to you which we propose to build in to your annual accounts fee. Typically this will be approximately £150 per year but we are expecting the enhanced information you will provide will result in a reduction in your annual accounts fee. We are happy to provide you with a quote and payment plan options for your accounts prepared from Kashflow. You may need us to help you train or tailor the software to your requirements will be agreed separately.

Next Steps…

Our partners at Kashflow will telephone you in early December to confirm your interest in the demonstration which is due to take place mid January. Please note places are limited therefore if you are interested let them know straight away.

Should you wish to take up this software sooner, please do not hesitate to contact us.

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  • Precisely identify deductions
  • Streamline expense reporting
  • Consolidate interest credit deductions