Published: 13 October 2017 | Category:
We’ve been working hard to keep all our readers up to date with the latest developments in Making Tax Digital. As we move towards a fully online system for all tax-related matters, it’ll become increasingly difficult to reconcile old-style paper-based methods with the digital submissions required by HMRC.
In time we expect to see HMRC issue deadlines relating to the end of paper-based submissions for certain tax affairs, with VAT being first in line. We also expect to see a lot of fallout as businesses try to make the switch to digital at the last minute and inevitably hit roadblocks and setbacks. We’ve seen in the past the consequences of not planning ahead with the fines issued around pension auto-enrolment. Don’t let something like that happen to your business!
It’s tempting to think that there’s nothing a business owner can really do until HMRC issues new guidelines, but this isn’t the case. Knowing that the switch to digital accounting is coming up means you can take many steps to prepare yourself ahead of time. One of the best things you can do right now is to start using accounting software to keep your records instead of paper-based accounting. This means that when the time comes to make digital submissions your records are already digitised and ready to go.
Here at Turner & Turner we are proud to be Xero Partners, which means that we can offer access to versions of the Xero accounting software that can only be purchased through Partners. We can help your business by getting you the accounting software that works for your business without costing you extra for features you don’t need.
Get in touch with us here at Turner & Turner to find out more about how we can help you to prepare your business for the changes that are coming. You can call us on 01772 716 555 or fill in our online contact form and we’ll get back to you!