The switch to Making Tax Digital (MTD) is approaching fast. It is essential that you get your accounting software ready in time as there are penalties for those who aren't prepared.
The science of compliance
When MTD is introduced on 1st April 2019, you'll need to have made sure that you are using accounting software that is compliant with HMRC's systems.
Your business can use more than one piece of software to keep its digital records, but those separate programmes must be digitally linked to one that’s compliant.
With this is in mind, now is the perfect time to move your accounts to a cloud-based software system, accessible by your accountant. In our opinion, the best cloud-based accounting software on the market is Xero.
Why Xero for MTD?
Xero has been working with closely with HMRC to deliver MTD and is registered on the government’s MTD software suppliers list. Xero has been participating in HMRC’s MTD for VAT pilot since July, successfully submitting live VAT returns using the beta version of Xero’s MTD functionality. So, with one click of a button you can submit your returns in a way that is fully-compliant with the new MTD regulations.
If you're still using spreadsheets for your accounting, it a good time make the move to Xero now. We can help you understand how Xero can automate your accounting processes in a way that is compliant with MTD.
How Xero will streamline your accounting:
- Working in the cloud allows secure access to your accounts from anywhere at any time, so you can easily keep track of your finances
- Connect your bank account to Xero for automatic, live feeds saving you time on data entry and providing a real-time view of transactions as they are processed
- Real-time, customised management account reporting showing a true reflection of the current business performance
- Bank reconciliations made easy through automated matching
- Send invoices, reminders and sales quotes online
- Manage bills, purchases and expenses
- Log fixed assets
- Submit VAT returns knowing they are MTD compliant
Ask yourself this: Are you going to be MTD compliant by 1st April 2019?
Our Xero-certified team can deliver the best cloud-based accounting software solution for your business. RWB is a Xero Platinum Partner and has grown to become the first independent Xero Platinum Champion in Nottinghamshire, so we're in the perfect position to offer you the support you need to start utilising this invaluable software.
To make sure your business is MTD compliant, book a free 30-minute consultation with Nick Bonnello . You can also contact us on 0115 964 8860 or email email@example.com to find out how we can help you in other areas of your business business.
The views provided in this article are for general information purposes only. Nothing in this article represents advice of any nature whatsoever. Accordingly, RWB CA Limited does not accept any liability or responsibility for the information contained in this article or any decision or other action that may be taken in reliance upon the information contained within it. RWB CA Limited accepts no responsibility for any errors of fact or opinion and assumes no obligation to provide you with any changes to its assumptions.