The countdown for Making Tax Digital for VAT is on and 1st April is fast approaching. Does your business have the necessary software in place to comply with the new digital rules for MTD from 1st April 2019?
Making Tax Digital (MTD) will eventually affect all businesses as they move to some form of digital accounting. How your business’ digital accounting system develops will depend on many factors and will vary significantly from business to business.
Whilst MTD may prove challenging for those businesses with limited technical knowledge, for others it may only require a few adjustments to their existing systems. It is likely that the vast majority of businesses will fall between these two extremes.
In order to comply with Making Tax Digital, you will need to assess what technology will best support your business. Points to consider are;
- What are your business objectives regarding Making Tax Digital? What do you have to do to comply?
- What are your technology requirements? Do you need to use mobile devices or does the software have to integrate with an existing application?
Once you have established your business needs then you can start to research and trial possible solutions. Remember, one size doesn’t fit all so take time to research the most suitable software for your needs.
If you are undecided about which MTD compatible software would best suit you and your business then speak to your Accountant, who should be familiar with the available software providers and can offer advice on the best fit for you.
You can begin by watching the video links for Quickbooks, Sage and Xero – the top 3 software companies in the UK – to find out how their Apps can help you. Click each of the following for further information on their products. Quickbooks Sage Xero.
Still undecided? Give us a call and we will be happy to discuss how we can help you with software options and Making Tax Digital.