The government’s plan to transform the tax system, Making Tax Digital (MTD) will see its first impact in April 2019, with further changes expected to place in 2020.
VAT registered businesses and organisations with taxable turnover above the VAT threshold of £85,000 will have to maintain their records digitally.
Although this does not mean that businesses have to scan their invoices and receipts, the detail of each individual transaction will need to be recorded and stored digitally.
VAT returns will also need to be submitted using a functional compatible software package.
These changes will completely reform the system of recording, monitoring and submitting all your financial transactions to HMRC.
At Scott Vevers, we are experienced with all accounting software.
After careful research and consideration Scott Vevers have also partnered with the Award-winning online accounts software Xero.
This package offers a multitude of services including a one-stop dashboard which displays a snapshot of your financials and transactions, helping you keep on top of your cash flow and helping to track your business performance.
The automatic bank feed imports transactions alleviating the need to make these entries manually. There is unlimited 24/7 online support. Their award-winning mobile app gives you the freedom to invoice, capture expenses, manage and reconcile bank transactions on the go. Plus, your account is automatically stored and backed up to the Cloud and encrypted to provide you with security and peace of mind.
And, as the icing on the cake, you are able to grant your tax and financial advisors access to your Xero account, so they can access your information directly and ensure you stay on top of your financial situation.
Scott Vevers are Xero Silver Partners and our staff are fully trained and certified Xero advisors. For more information please see Xero
Email us on email@example.com or call 01308 423 237 or 01305 881009