Prepare for the HMRC’s new digital tax system and avoid penalties by using online accounting software.
Making Tax Digital (MTD) is an upcoming piece of legislation from HMRC where the majority of businesses, including sole traders, will have to send quarterly updates to HMRC of their income and expenditure via online accounting software such as KashFlow.
For businesses with a turnover above the VAT threshold (£85, 000) and all unincorporated businesses, partnerships or charities you will have to start keeping digital records and submit digital VAT returns from your first VAT return period on or after 1st April 2019.
Those earning over £10,000 annually but are under the VAT threshold will join the Making Tax Digital from 1st April 2020.
You will need to start using online accounting or bookkeeping software that links to HMRC to stay compliant and avoid penalties. KashFlow work very closely with the HMRC and are experts in UK compliance, making us the ideal choice to safely store and send data online.
In this guide, we’ll explain exactly what Making Tax Digital is, when it comes into effect and how it is going to impact your business. Complete with key dates and up-to-date legislation this is an essential free guide to understanding MTD.
You won’t have to keep paper copies of the data you send to HMRC.
You can adjust your accounting either mid-year or the end of the year.
Thousands of businesses will need to move online before April 2019 – this is the perfect time to move online now and get ahead.
You won’t have to wait until the year end before finding out how much tax is owed anymore.
Watch the video to learn how online accounting software makes life simple for Carol and many other small traders.Watch Case Study
See how KashFlow works with your business and your books