ARE YOU WORRIED ABOUT MAKING TAX DIGITAL?
Now that the self assessment tax return deadline has passed our focus has switched to Making Tax Digital.
Making Tax Digital comes in as of 1 April 2019. For more details on how making tax digital will affect your business click here.
This article looks to set out common concerns raised by our clients on how Making Tax Digital affects their business.
At Kala Atkinson we have partnered with Xero. Xero subscriptions start as little as £22 per month. However, despite the financial cost we believe moving to a software will save time and improve your financial reporting. In other words, the benefits greatly outweigh the costs.
Most small businesses take advantage of different VAT schemes on offer from HMRC. Xero recognise this and are compliant with the accrual, cash and the flat rate scheme.
SWITCHING FROM YOUR CURRENT SYSTEM
Whether you’re on a different software, using a spreadsheet or even still using paper. We can help get you set up on Xero and better still train you to use it to its potential.
Are you a technophobe? At Kala Atkinson you will have access to an advisor who will guide you through set up and on-going maintenance of your Xero account.
Could a no deal Brexit delay Making Tax Digital? HMRC have said that we’re still going ahead despite claims that the distraction of Brexit would delay digital projects such as MTD. Therefore, even if we crash out of the EU we still need to be ready!
In conclusion, Making Tax Digital is coming whether you like it or not. Its nothing to be afraid of, in fact its an opportunity for small businesses to embrace technology available to streamline their bookkeeping.
Get in touch today for help and assistance on how we can help your business get to grips with Making Tax Digital.