Making Tax Digital (MTD)
HMRC are set to slowly introduce the need for all businesses and landlords to keep their records in a digital format. HMRC will expect to receive digital returns via the internet on a quarterly basis for all businesses and landlords.
Whilst HMRC has delayed its initial timetable there is no doubt that MTD is the future as HMRC continues to reduce its human resources costs. The introduction of digital payroll returns several years ago and the introduction of various tax portals for individuals and businesses has shown the way ahead.
From 1st April 2019 all VAT registered businesses will need to have digital records. At Davidson Stant we can provide a solution for businesses using our own online software which enables you to minimize your time on administration but in return give you accurate and up to date information on your business.
Cloud accounting services are the simple way of enabling software to be stored and accessed online. This way of accounting serves similar functions as accounting software that would be stored on your computer, but is hosted on remote servers.
There are many benefits of making use of cloud accounting:
- Ease of access is one of the primary advantages associated with cloud-based accounting. You have access to essential data anywhere at any time.
- Your data is securely stored and backed-up in the cloud – meaning that you will not be filling up valuable storage space on your hard drive.
- Cloud accounting services automatically update and upgrade, allowing you to devote more time and attention to your clients.
- The use of real time information associated with cloud accounting means that your data will always be up-to-date and current.
- Cloud services are extremely cost-effective: expensive computer equipment does not need to be installed in offices as everything is stored online.
At Davidson Stant we are pleased to offer clients access to a range of online accounting options from branded products such as Xero, Free Agent, Quickbooks, SageOne, Kashflow and Twinfield as well as our own in house branded product. If you would like to discuss how your business could benefit from online accounting, please contact a member of the team.