Get ready for the big change and avoid penalties by using online bookkeeping or accounting software.
Making Tax Digital is the biggest shake up for small businesses in years and will completely change how you do your taxes.
It 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. This will start from April 2019 for businesses with a turnover above the VAT threshold and will be phased for other business types, up until 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.
You don’t want to leave it to the last minute and prepare for making tax digital in a rush. Try KashFlow for free today.
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 2018 – 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