The annual tax return – a phrase that strikes fear and dread into the heart of many a small business owner. A time of long tiring evenings spent gathering receipts and filling out tedious forms. Soon though, all this will be a thing of the past, as the way you manage your tax is changing forever.
Making Tax Digital is coming – are you ready?
HMRC’s ‘Making Tax Digital’ initiative will require most businesses to submit their quarterly tax returns online, which will be done either through an app or through cloud accounting software.
By reporting information in this close to real time way, businesses should in theory find it easier to understand how much tax they owe giving them a clearer picture of their overall financial situation.
Everywhere you look more and more services are going online. From booking train tickets to doing the weekly shop, it’s clear to see that many people and companies are benefiting from the convenience of going digital – and HMRC are just one organisation who are acknowledging the benefits being online can bring.
Get ahead, get digital savvy!
All of the details have yet to be confirmed on ‘Making Tax Digital’. However, it’s best to move to the cloud now in time for the change by getting digital savvy and taking up cloud accounting software to help with your digital record keeping. Making the move won’t just help you remain complaint with tax, but it may just speed up the time you spend managing your accounts. Imagine accounting without a single spreadsheet in sight – what’s not to like!
KashFlow is award-winning, cloud based accounting software that takes away the stress of bookkeeping and accounting, giving small businesses more time focus on what they like to do best.
Quick and easy to set up with no download required, currently over 70,000 customers use KashFlow to generate online quotes, create fully customisable invoices, balance their books and keep track of their business spend. For a free no-obligation 1-2-1 demo just call the KashFlow on boarding team on 0844 815 5779.