Thursday 21st October 2021

Making Tax Digital

Making tax digital… go for it

Anything that cuts down bookkeeping time is a godsend. It reduces stress, reduces admin costs, and frees up resources for other things. And that last point is the real clincher. Do you want your accountant wasting time on unnecessary paperwork? Nope, we didn’t think so. Would you prefer them to be thinking strategically about your business instead? Yes, we thought that might sound appealing…

As of April 2019, all businesses with a turnover above the VAT threshold will be required to keep and submit digital records for VAT purposes. But if that’s not what you’re used to, don’t despair.

Embraced with the right attitude, Making Tax Digital for VAT is going to see everyone smiling. The combination of fit-for-purpose software and the resulting automated processes of matching transactions to entries will significantly reduce the amount of paper flying around.

That might all sound a bit technical, but don’t panic. Good accounting packages like Xero, Quickbooks, and Sage already have this functionality incorporated as standard, so they can help you get going quickly and easily. And to give you even greater peace of mind, if your accountant is a goodun’, they’ll be more than happy to help you make the transition. We’ve done that for several of our clients.

So what do you reckon? Would you like your accountant to be spending less time on paperwork and more time analysing the data and helping you spot opportunities? Who knows, you might even reduce the amount of tax you pay as well. And if that isn’t a cheery thought to start the New Year, we don’t know what is.

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