Making Tax Digital for Business

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With the introduction of Making Tax Digital (MTD), the way you handle your tax affairs is about to change. Switch to AccountsIQ cloud accounting software to ensure that your business is fully compliant with all of HMRC’s requirements.

How will MTD affect my business?

Making Tax Digital for Business will make dealing with tax a simpler and more efficient process for companies large and small. With cloud-based software enabling a live connection between accountants and HMRC, it will streamline the way businesses submit and access their tax data, improving accuracy and efficiency.

From April 2019, VAT-registered businesses with a turnover of more than £85,000 per annum must begin to record and submit their VAT returns digitally. Then, from 2020, the plan is for income tax and corporation tax to be included in the system.

There are less than 150 days left before the April 2019 deadline, so accounting practices and Finance Directors will need to ensure that they are fully up to speed – and fast. HMRC are underwriting the digital transformation process and it’s important to get ahead of the pack by making the switch early.

Key dates to be aware of

Start (June 2018)

Design MTD connection and user experience

Autumn 2018

Open Beta testing with HMRC pilot trial

April 2019

HMRC mandated submissions begin for VAT

April 2020

MTD for corporation tax and additional HMRC requirements

Do I need to change my system?

Older software, or on-premise software that’s installed on your computers, will require workarounds in order to comply with the new rules of Making Tax Digital for Business. This will not be ideal in the long run. Companies should be looking to futureproof their systems as HMRC will be looking to bring additional components such as Corporation Tax online by 2020.

Why switch to AccountsIQ?

AccountsIQ is one of the fastest-growing brands in the UK. A flexible solution that will adapt to your needs, our cloud accounting software is a futureproof tool for your changing business needs.

“Our decision to move away from Sage Line 50 was driven by inefficiencies which Sage couldn’t address; it took two people in my team one week each to update various schedules in Excel and then I would spend many hours compiling a reporting pack. AccountsIQ allows me to produce a custom reporting pack in just minutes.”

Lee Camp, Finance Director, Salamanca Group

We are MTD-ready

If compliance with Making Tax Digital is a big concern, we can deliver.

Act now

To find out how we can help you meet the deadline, book onto our Making Tax Digital webinar or request a demo. For accountancy practices, check out our Smarter Outsourcing and Making Tax Digital Webinar.

Get a quote for your company and see for yourself how our powerful cloud accounting software could transform your business.