MAKING TAX DIGITAL
BY 2020
The Smart UK Tax System
The UK tax system is now smarter than ever before. Efficient yet effective, Making Tax Digital is a simple yet fundamental change introduced by HMRC. A tax initiative that makes it easier for taxpayers to record and submit their accounts online.
Since 1st April 2019, all VAT-registered businesses above the threshold of £85k have been required to keep digital records and submit VAT returns online.
This year, similar requirements for Making Tax Digital, including corporation and income tax have been introduced.
What does this mean for your business?
What does this mean for your business?
Recent studies show that only 11% of VAT returns
are completed using a software solution.
Businesses with an annual turnover over £85k must digitally submit a summary of their income and expense activity at least four times a year using accredited accounting software.
HMRC will no longer accept tax returns by post or via their website which means ALL Kent businesses must have an accounting software solution and store all business-related transactions digitally.
It's time to find the best Making Tax Digital compliant software for you.
As Xero Champions and Quickbooks Pro-Advisors, swapping spreadsheets for software is a transition we can manage for you. We'll decide and provide the best software for your business and keep your accounts in check.
Contact Us
We'll make sure you're ready for
Making Tax Digital 2020