Making Tax Digital for Business

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.

• The powerful functionality within AccountsIQ is designed to help businesses become more
  efficient.
• Our open API means your accounting system can be integrated easily with any other Cloud
  technology; we collaborate with a growing number of software partners to make things
  simpler for you.
• Our partnership with AutoEntry makes the collection of invoice data and other information
  really easy, using OCR technology.
• We have thousands of happy customers and have helped many clients switch from on-
  premise software solutions such as Sage.

We are MTD-ready

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

• AccountsIQ began preparing for Making Tax Digital early in 2018 and our MTD-compliant
  software is already in beta testing with a number of clients.
• We are registered with HMRC and we will shortly be added to their list of approved
  software.
• All current and future clients will have access to automated digital filing well in advance of
  the deadline of 1 April 2019.

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.