Tips, advice and general accountancy-related news and views that relate to you and your business.

Making Tax Digital

14 Mar 2019

There is a new initiative from HMRC called Making Tax Digital which will affect all businesses. All businesses will have to keep digital financial records and make quarterly submissions to HMRC. The first businesses that were affected were VAT registered businesses from 1st April 2019. All self-employed and landlords earning over £10,000 will have to keep digital records and submit quarterly returns from April 2024
Sounds scary? It’s nothing to worry about, in fact, this could really help your business. There are loads of cloud-based accountancy packages on the market – Xero and Quickbooks are the market leaders but there are many others. They can connect to your bank accounts and use the information to post automatically to your software package and do all your bookkeeping for you. Invoicing is made easy, making it possible to create and invoice and be paid in minutes! These packages range from free to £30 per month, so not expensive and if you ask us, we can provide you with some quality software.