If you are not already using accounting software to run your business then now is the perfect time for you starting to do so. It is clear that HMRC are on the path for a digital future. They have started off with Making Tax Digital (MTD) for VAT with what they call a software landing and now in full implementation stage with financial penalties for non-compliance. Next on the agenda is MTD for ITSA (Income Tax Self Assessment) starting off with sole traders and landlords. This is going to increase the administrative burden for a lot of taxpayers who have been used to reporting once a year to now 5 or 6 times a year!
The only way to comply with these changes is to use software such as XERO, FreeAgent or QuickBooks to name a few.
The general idea with all of these software’s is that you will use bank feeds so that all your bank transactions are automatically uploaded to your software. Then it will be a simple case of allocating of the money received or spent was for and then submitting the data to HMRC on a quarterly basis.
Sounds easy? It can be easy but much of this will depend on you. You can make life easy for yourself by using the bank accounts for business only, thereby reducing the number of personal transactions down so your accountant or even yourself have less transactions to deal with.
Here are the software we work with. Our preference is XERO.
We also work with many other software’s such as Sage, clear Business, ZoHo etc. Please contact us and to check if we can help you.
Why not contact us today?
For more information on the above, please Contact Us or telephone on 0208 432 3419 and we will be glad to answer all of your questions. Even better, why not book your FREE Quotation today, it only takes a minute.
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