Old Mill Bookkeeping and VAT Compliance Services
Jude Bennett, who heads up Old Mill’s Bookkeeping Service, explores the impact of the upcoming changes surrounding the next phase of Making Tax Digital and discusses how this transition can drive business efficiencies.
By now you are likely to be aware of HMRCs’ plan to implement the next stage of the Making Tax Digital (“MTD”) initiative which encompasses businesses with a voluntary VAT registration who will need to comply from April 2022.
But what does ‘being MTD compliant’ mean to you? And what are your options?
Put simply, you will no longer be able to manually submit your VAT returns online and will have to use a piece of MTD compliant software to submit your data. If you are not already using software or you are thinking of making the change, then naturally Old Mill can help support you in moving over to Xero, which is our preferred software solution.
7th October 2021
Jude Bennett See profile
This next phase might just be the catalyst to take stock of how you, as a business owner, are spending your valuable time and why you might consider moving your VAT compliance and bookkeeping to our in-house Digital Business Services team.
This specialist unit was initially established to support those clients who needed to become MTD compliant following the first wave in April 2019. Over 200 firms made the decision to sign up to our bookkeeping service, essentially outsourcing the task of processing and submitting their monthly or quarterly returns to HMRC.
The service has developed still further and, spurred on in large part by the impact of the pandemic, we were able to assist many of our clients in using technology to submit their records to us for processing, thereby taking away the need to send paper records to our offices.
Our bookkeeping service is expanding all the time and we are now able to provide management reporting to our clients, optimising technology, freeing up valuable time for your business and helping you to gain better insight into your financial performance as well as joining up with the accounts’ preparation process.
If you are interested in knowing more about what our bookkeeping team can do for your business, not just in terms of MTD but to help you manage your business more effectively, click here….