Tackling the next phase of Making Tax Digital – what you need to know
In this article we discuss the implications for smaller businesses of the upcoming changes to Making Tax Digital (“MTD”)
The law is changing for VAT registered smaller businesses who must be MTD Compliant by April 2022. In a nutshell, this means that your business must keep its VAT records digitally and provide this information to HMRC through compatible software.
We understand that when change happens, it can be daunting for many people. Here at Old Mill, we have looked at the impact of this next phase and designed a simple solution to ensure that you and your business is compliant with these changes.
24th September 2021
Xero is an all-in-one online accounting software designed to allow you to maintain your records almost effortlessly. Your bank securely feeds into the software, invoices can be sorted by simply taking a photo, VAT returns can be filed online, and everything is contained in one place. We believe that your time should be spent doing what you do best, running your business and Xero allows you the freedom to do this.
On the back of MTD, over the last few years we’ve helped many of our client’s transition from only having access to outdated information that is looked at once a year to being able to have constant up-to-date information that can be viewed on demand to help you make informed decisions in your business. Our experience tells us that updating from cashbooks, spreadsheets and bank statements to cloud-based accounting software is the best way to keep up to date with what’s happening in your business and to stay compliant with any changes to laws and regulations.
Making the transition is simple. Our specialist team can offer support with moving your business to Xero and provide as much or as little help as you may need – from full training and set up on Xero, performing ‘health checks’ to highlight weaknesses or more hands-on one-on-one support as needed.
If you think that this change affects you, please get in contact soon with one of our advisers who will be happy to assist you and allow yourself plenty of time for a stress-free transition. Alternatively, click here…