In July 2017, HMRC announced that all businesses and individuals will have to file their accounting information digitally.
By April 2019, businesses above the VAT Threshold will need to keep Digital records and from 2020 this should apply to all other businesses who will be updating HMRC quarterly for their corporation tax, Income Tax and National Insurance obligations digitally. It is a significant change for many of us and means the end of the annual tax return to be replaced with a digital tax account where all your information will be stored in one place.
Online Accounting Package
This change in the way HMRC wants information from taxpayers means that you may need to move from your existing desktop or manual record keeping and onto an online accounting package.
The good news is we are certified in the installation and operation of Online Accounting software which is digitally compliant and specifically designed for small and medium-sized business.
Digital accounting software has significant advantages over the traditional ways of bookkeeping.
- See a clear picture of your current financial position, in real-time
- Have your accounts 100% online, so there’s no software to install and everything is backed up automatically. Updates are free and instantly available
- Avoid upfront accounting software costs – upgrades, maintenance, system administration costs and server failures are no longer an issue
- Have your bank feed your data directly into your accounts on a DAILY basis
- Instant purchase invoice posted automatically with your mobile phone
- See your results, who owes you money, who you owe to and your business bank balance 24/7, 365 from your phone
Benefits or Digital Accounting
- Create and send invoices on the go
- Track sales, purchases, debtors and creditors
- Connect to your online banking
- View a snapshot of your business
- Estimate tax payments
- Easy tax filing that matches HMRC requirements
- Manage customers and suppliers
- Create estimates, purchase orders and manage your stock