Making tax digital – accountancy advice

Making tax digital – accountancy advice

If you run a business whether that be self employer, partnership or limited company it is important to understand tax rules and regulations and ensure that you comply with them.

Making tax digital is probably a phrase that you have heard of although it may not be affecting you yet. If you are VAT registered then you will already be having to do your VAT returns through the new digital system.

Over the next few years more and more HMRC services will be using this system and you will have to adapt the way you do your accounting to include this. The accounting software systems such as Clear books, Sage and Xero already offer instant submission to HMRC for tax purposes. If you do not use one of these accounting software packages then it may be worth looking into them or another provider to find which one suits your requirements and budget.

You can find out all the latest information on making tax digital through the HMRC website or by contacting an accountancy firm who will be able to advise you of what changes are coming in to play and how or if they will affect you.