In just over twelve months most VAT registered businesses will need to comply with new legislation requiring them to submit their VAT returns electronically using an Application Programme interface (API) between their accounting and HMRC software.
Keeping financial records will become digital and most businesses will need to use software or apps to keep their records – the days of manual record keeping are over!
There are exemptions, but for most businesses, with turnover above the VAT threshold of £85,000, you will need to start planning for Digital Tax now.
So, what’s the good news?
We’ve teamed up with a major Cloud software company to provide our clients with the best possible fully compliant accounts package, and there are significant benefits to your business if you use our recommended package:
- It’s on the cloud so you can get a clear view of your finances any time any place;
- You will never need to do backups of your accounting software ever again;
- Run your business from work, home or on your mobile;
- It automatically grabs bank receipts and payments in real time;
- Use your mobile to photograph purchase invoices and expenses and upload these to the software; and
- Automatically generate and submit VAT returns and other reports with one click!
Just suppose you could see your results, who owes you money, who you owe and your business bank balance 24/7 from your smartphone!
Over the next few months, we will be contacting all our clients to discuss the new HMRC rules and to demo how easy the new system is. In the meantime, if you are ͞Good to go͟, call us and we will be delighted to help you comply with Digital tax legislation and take your business to a whole new level!