Making Tax Digital is here
From 1 April 2019 it become law for most VAT registered businesses to maintain their financial records in digital format. This also means a change to the way VAT returns are submitted with software required to link directly to HMRC.
This will revolutionise the way many businesses keep their books and accounts.
Over the longer term it is HMRC’s hope that one day the tax return as we know it will have been entirely abolished, and all individuals and businesses will be required to submit their tax returns digitally. This will create a move to a live tax system with more frequent payments on account.
Both individuals and businesses will have access to digital tax accounts, with the information HMRC needs automatically uploaded. HMRC believe that you should never have to tell them information they already have and therefore under and over payments should be reduced.
It is hoped that digital accounts will give you a single, personalised view of each person and businesses tax position across all liabilities and entitlements.
From April 2019, businesses with turnover above the VAT threshold (£85,000) will be required by law to keep their records on accounts software.
Many people already do that – but there will be an additional requirement in that, the software must be capable of sending information to HMRC every three months.
At NR Barton we have a team of over 25 dedicated partners and managers specifically qualified in the world of digital and online accounting.
We’re able to help you understand the requirements of Making Tax Digital, help you assess if your software is sufficient, assist to ensure a smooth transition period, and offering ongoing support as the legislation continues to evolve so you stay ahead of the curve.
Please visit our Cloud/Online Accounting pages to read more on how we can assist.
NR Barton Xero demonstration
Our short guide will take you through an overview of Xero, how to use the software, and give you a feel for the benefits. We are Platinum Xero Partners meaning we're able to offer market leading service with cloud and online accounting.
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“Paul and the team have been instrumental in the financial success of the Olive Garden Standish. We have worked closely together over the past five years to develop our systems and we fully utilise the capabilities of online accounting and integration with applications.”
– Michael Madani, Olive Garden (Standish) Limited
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