Are you ready for Making Tax Digital?
As you may be aware, HMRC have introduced Making Tax Digital.
From, 1st April 2019, all VAT Registered businesses with a turnover above £85,000 will need to keep digital VAT records & submit VAT Returns via a software package.
From, April 2020, HMRC will also collect Profit & Loss information via your Software, to estimate future Tax liabilities. This may begin sooner if possible, from the information submitted on your Software for your VAT Returns.
Our recommendations for Software packages, from those we find most to least user friendly are:
Xero ~ we use Xero for our own returns & use this package most often, it is £21 per month
The Software packages cost approximately £20-25 per month, and we can offer training on any of these packages if needed.
On Software packages, you can prepare Sales Invoices and will need to enter your Purchase Invoices. Your Bank transactions can be uploaded automatically by setting up a feed rather than inputting each transaction yourself; however this may increase the amount you pay each month for the Software ~ for example, Xero would cost £25 per month with this function. You will need to reconcile the bank on the Software.
If you would prefer us to assist with the setup of your Software package, then we can set up Xero for you & invoice quarterly for the Software costs.
If you have any queries, please let us know and we will help as much as we possibly can with this new concept HMRC have introduced.