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Making Tax Digital is set to transform the way businesses and landlords manage their accountancy and bookkeeping.
From April 2019, every business over the VAT threshold will have to keep their records digitally.
After 2020 even more businesses will have to do the same.
While the deadline may feel a long way off for some, already millions of businesses are experiencing the many benefits of cloud accountancy.
Making Tax Digital will change the way companies operate throughout the UK.
The new systems have so many advantages, smaller businesses are able to switch to digital bookkeeping voluntarily, and helping them enjoy the benefits of cloud accountancy before Making Tax Digital comes into force.
Companies can now use digital bookkeeping for all their tax purposes and do all of their accountancy through the cloud.
Ultimately, every company will have to maintain accurate and up-to-date financial information throughout their trading year and submit quarterly updates to HMRC across all taxes.
If you’d like advice on how you can prepare for Making Tax Digital and to find out how it could impact your business, download our guide and request a call back from one of our expert online team.
Help me with bookkeeping
29 May 2019
Associate Director for Quality and Technical Assurance, Stuart A. Brown discusses the definition of development costs and instances where development costs may be capitalised.
High wheat prices and reduced costs see net profits double for arable farms in the East Midlands