Making Tax Digital
Swan Accountancy Solutions can help you and your business adapt to the demands of the digital age.
One example of this is Making Tax Digital (MTD), a Government initiative to modernise HMRC’s tax system.
Businesses which turnover more than £85,000 are required to keep digital records for VAT purposes, and to submit VAT returns using digital software.
It is expected that other VAT registered businesses will have to comply with these rules from 2022, and Making Tax Digital for Income Tax will be introduced in April 2023.
The idea is to make the process of administering tax simpler and more efficient – and it is vital that your business starts to plan ahead.
Using cloud accounting software will ensure your business is compliant with the requirements of MTD.
We can help you to migrate to the cloud and provide training and support.
The benefits of using cloud accounting software include:
- Up-to-date information about your business finances in real time
- Time saving – there is far less manual data entry
- Access your accounts from any device and on the go
- Data is automatically backed up in the cloud
To find out more about MTD and migrating to cloud accounting software, contact us today for a free consultation.