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19-02-2019 by Andrew Parrott
The Government rollout of its Making Tax Digital policy starts in April
From April this year any company that is VAT registered and has a turnover that is over the £85,000 VAT threshold will have to file their VAT returns quarterly
In addition to this VAT records will have to be kept in a digital form. Whilst most companies are already doing this with some sort of spreadsheet or accounting software, many will still need to use HMRC approved software to file the accounts.
The roll out for making tax digital is gradual - VAT registered companies with lower turnovers will follow next year and then the plan is eventually to extend it to all tax.
You may already be using compliant accounting software in which case there is no need to worry. If you have relied on a spreadsheet up until now, you will need to start using accounting software.
Rather than look at this as another imposition, it could be an opportunity to streamline your systems and take a lot of the manual entry out of the process.
One of the approved software providers is Xero and we have been using their programming capabilities to link in house software directly to the software so that customer records and invoices are automatically posted to Xero. The link can be two way so that your software can received notification once you have reconciled payments in Xero.
Even if you are already set up for Making Tax Digital there are many, many ways in which you can link your in house software to the myriad of online tools which can streamline your business. Examples are taking payments - Worldpay, Paypal, Barclaycard, time trackers - Toggl, Clockify and of course accounting software - Xero, Sage, Quickbooks.
Call us on 01647 433276 today to discuss ways we can help you link your business to any of the above or any other tool that you require.