The Government’s continuing implementation of its Making Tax Digital initiative is creating new challenges for businesses, investors and workers.
The next big step in this complex scheme will create a landmark change in the recording and reporting of Income Tax from 2024 and Corporation Tax in the years following.
Below are the key dates for Making Tax Digital, to help you track your journey and ensure you are compliant with the changes ahead.
Making Tax Digital will gradually see all major components of taxation taken online, using the latest HM Revenue & Customs-compliant software, apps and programs.
Taxpayers must be fully prepared for these changes, as they could face fines or penalties if they do not comply.
We know there is a lot to consider in the coming years, which is why our team have prepared a helpful guide, which has information on the various stages of Making Tax Digital and what you may need to report.
You may need to invest in new technology, such as cloud accounting software, and alter your method of recording and reporting accounts and tax information in preparation for the next stages of Making Tax Digital.
We are working with our clients to provide a cost-effective cloud accounting solution, designed specifically for their business.
With the help of our highly qualified team, we train businesses to use the latest cloud accounting software so that they are ready to file their digital returns.
With our advice and assistance you can:
Many of our clients are already using computer-based accounting packages such as QuickBooks, Xero or Sage.
These packages will not only future-proof your business in readiness for each new Making Tax Digital requirement in the coming years, they also enable you to share financial information in real-time with our team and quickly produce bills and invoices.
To find out how we can help you put the necessary software, apps and procedures in place arrange an initial Making Tax Digital consultation with our team today by contacting us.
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