With the introduction of Making Tax Digital (MTD), the way you handle your tax affairs needs to change. AccountsIQ’s MTD accounting software is fully compliant. Switch to AccountsIQ cloud financial management software now to ensure you are fully compliant.
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 pa are required to record and submit their VAT returns digitally. Then, from April 2021, the plan is for income tax and corporation tax to be included in the system. 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 ensure compliance.
40,000 businesses fall into one of the relevant HMRC categories for the deferred VAT registration date of April 1st 2021. Is your business part of this small minority of businesses with more complex requirements (such as those who are required to submit a group VAT registration)?
HMRC mandated submissions begin for VAT for single registration businesses
Live and MTD solution in use for all AccountsIQ UK clients. Some businesses including Group VAT deferred until October 2020).
First Group VAT return deadline for qtr ending Dec 2019
Digital link required to HMRC for VAT submissions (NB for deferred businesses the soft landing period is 1 year from the start, so for Group VAT registrations this is April 2021.)
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 2021.
AccountsIQ is one of the fastest-growing brands in the UK. A flexible solution that will adapt to your needs, our award-winning cloud-based accounting software is a futureproof tool for your changing business needs.
If compliance with Making Tax Digital is a big concern, we can deliver.
To find out how we can help you with Making Tax Digital, get in touch or request a demo of AccountsIQ.
Get a quote for your company and see for yourself how our powerful cloud accounting software could transform your business.
Sign up to our Newsletter to make sure you receive MTD updates and other accounting news.
