Making Tax Digital - Are you ready?

As you may be aware from the news, the Government wants the tax system to become a modern digital experience.  Many of you will have already experienced the HMRC digital revolution via the filing of PAYE information under RTI and online filing of VAT returns and these new measures are just the next stage of this process.

What does this mean to your business?

It will be compulsory to digitally upload your quarterly accounting data direct to the HMRC systems. HMRC has now confirmed that businesses with a turnover of over £85,000 will be required to start keeping digital records for VAT purposes only from April 2019 and the rest of the Making Tax Digital requirements will be rolled out from then.

What you need to do as a business owner?

To ensure that your business complies with the changes being introduced it is vital that the right accounting technology is in place. You will need to review your processes and current software to ensure it will be compliant for Making Tax Digital and HMRC are able to communicate through their new Making Tax Digital platform.

XERO

Cloud accounting technology has revolutionised the way businesses capture, process, analyse and report their financial information. It provides an ability to automate systems including data entry, invoicing and credit control, liberating you from those mundane tasks and leaving you free to run your business.

 

Here at Wells we assist our clients in a number of ways with Cloud Accounting Technology below is a taste of the services we provide.

Accountant & Business Advisor

We have been researching the use of Cloud Accounting software for in excess of 2 years now – we use it for our own accounting and can’t praise it enough!

We encourage our clients to use Cloud Accounting as it enables us to understand the financial performance of their businesses and to help them drive this forward. If you are already on Cloud accounting that is great – we are ready to assist you as your personal FD, providing reports on what matters to you, improving cash flow and keeping you compliant with accounts and tax return filing.

System implementation

If you have yet to make the leap into Cloud that is not a problem we can help you to set up a bespoke accounting system. We have invested time in developing our knowledge of the ever-changing world of cloud products so you don’t have to. Combining this with our corporate expertise in a variety of industry sectors we are quickly able to establish the key functionality requirements of your business. Our implementation service will guide you from system selection right through to final set-up and training.

Training

We can provide advice when - and where - it is needed. From juniors to partners and specialists, we have a skilled and experienced team ready to advise at the appropriate level. As well as being at the end of the phone for any query, we can tailor initial and ongoing training packages to ensure that your team gets the full support they need. These can be part of a system implementation process, or general advice if you’ve chosen software independently.

 

Contact us for a free initial consultation and fixed quote
01892 507 280 or chat to us via email