Making Tax Digital
Making Tax Digital is the name of the UK Government’s initiative to make most UK businesses adopt a cloud accounting system.
The precise details have yet to be finalized but here is the essence of what they are planning to do.
- It is likely to apply to businesses with annual turnover above £10,000 (which is most businesses in the UK).
- Although there may be a few limited exemptions, businesses will have to use digital tools such as QuickBooks Online, for their accounting system.
- Businesses will send summary data to HM Revenue & Customs about their business each quarter (and this is why they will need to go digital),
- HM Revenue & Customs has confirmed they will not be providing their own accounting software. This means you will have to sort out your own cloud accounting solution, and
- It is planned to start in April 2018, which isn’t far away!
So what does this mean for you?
Very simply it means you will probably need to move your financial accounting system onto a cloud accounting system, such as QuickBooks Online.
Wheelers specializes in cloud accounting systems and has the expertise to help you make a painless transition to the new regime.
Contact us today to learn more about how we can help you.