Making Tax Digital, introducing mandatory digital tax returns for UK businesses, comes into force in April 2019.
All companies, including sole traders, will have to submit their tax data digitally, every three months, using authorized commercial software that will link to banks, payment systems such as PayPal, shop tills; and HMRC. The program comes into force in April 2019 for VAT registered businesses, and in 2020 for all others.
This mandatory introduction of digital accounting is not just a burden - it is also an opportunity. At TaxOne, we offer a service consisting specifically in implementing a digital accounting system consistent with the regulatory requirements. For all companies looking to implement a suitable system in good time, we have a dedicated "Ready for Making Tax Digital" package
In modern accounting, distance is of little importance. No matter where you live - I will be able to work with you. I use the XERO program for online accounting, and everything can be done remotely without any problems.
If you are from the Edinburgh area and you prefer that I personally turn up at your business, this is also possible.
The cost of adapting your business accounting system to the requirements of Making Tax Digital depends on the nature of your business and its size. I don't offer one price for everyone, but will quote a price tailored especially for you and your needs.
Installing and running launching the software, including setting up all parameters and links, usually takes one or two days, depending on the size of the company and the number of systems to be integrated. The basic training for you or your employee -- another day. As part of the "Ready for Making Tax Digital" package, I will also monitor your accounts for a minimum of three months to ensure that all data and documents are correctly input and reported. After this period, we will either move to a regular bookkeeping service, or, if you decide that you can easily do everything yourself day-to-day, to the accounting package.