Making Tax Digital
It’s Time To Go Digital
‘Making Tax Digital’ integration should eliminate many of the existing paper-based processes, this will be phased in over the incoming 24 months. This should mean that businesses can devote more time and attention to maximising business opportunities.
The MTD Deadline
April 2019: All VAT-registered businesses with a taxable turnover above the VAT threshold will be required to keep their VAT records digitally and send their VAT returns using functional compatible software.
April 2020: Businesses and landlords will need to keep their business tax records digitally and send quarterly summaries of their income and expenses to HMRC using functional compatible software.
Making Tax Digital Pilot
The Making Tax Digital for Income Tax pilot is already available on a voluntary basis.
How CORR & CORR Help
Where it’s right for the business our recommendation is a move to Cloud Accounting. MTD and cloud accounting are a real opportunity to truly digitalise the way you work.
There are a variety of products on the market that provide benefits beyond the basic bookkeeping functionality that can really benefit a business. It can deal with the removal of the manual entry of invoices and bank transactions, to giving you electronic payment solutions, automating debt collection, and industry specifics such as property management, manufacturing and wholesale stock tools, webshop and till systems, etc.
Cloud Accounting is about more than just software, it’s a way of working together to achieve your business goals. With remote log-in we’ll be able to guide your business and spot potential issues or tax planning opportunities early on. Access to real-time, business critical information allows you to spot patterns and trends quickly, and take advantage of them.