Now is the time to be digitally compliant

 

First of all, you may be wondering what being digitally compliant means. In the spring 2015 Budget, the Making Tax Digital (MTD) initiative was first announced. This introduced the requirement for quarterly reporting to HMRC via digital records for small businesses, landlords and the self-employed over the VAT threshold (£85,000) for VAT purposes.

Therefore, to be digitally compliant:

HMRC delayed the date by which all those eligible had to be digitally compliant from April 2018 to April 2019 for VAT purposes. From April 2020, quarterly digital reporting will be required for other taxes (income and corporation tax).  The decision to slacken the deadline was to provide enough time for businesses to make the transition from manual to digital records at a comfortable pace. It can be a challenging and time-consuming process for some businesses and therefore anyone that has not yet made the change should act now.

2018 is already here and 2019 will arrive before we know it. Thus, you and your business need time to familiarise yourself with new software before this form of reporting becomes mandatory. As cloud accountants, digital software is part of our everyday operations and is fundamental for the services we provide. We have already begun digitising Ayrshire businesses and know the steps to take to make sure a business is compliant. Making this transition is probably on your to-do list, but it can easily be checked off by contacting us. We have considerable expertise working with HMRC compatible software. With can implement this with ease into your business and do all the challenging work for you.

Start your year on the right foot and become digitally compliant before the MTD deadline hits.

Contact us on 01292 388 01 or via email info@amas.biz to make a positive change in your business today.

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