The government is now embarked on its plan to make the UK tax system entirely digital’ by 2020.
Once this is achieved, businesses (as well as individual tax payers) will maintain all records and file tax returns online.
A unified, integrated online tax system
By providing the background infrastructure to aggregate and process data from multiple stakeholders and agencies, the idea is that this will make tax easier to understand and more transparent for all of us. This includes enabling you to view your tax obligation in, or in close to, real time throughout the year.
Small businesses have been given until 2019 before they will be required to keep digital records and send HMRC quarterly updates.
For you as a small or medium business owner, instigating online accounting is the cornerstone of readying yourself to comply with Making Tax Digital.
Getting you ready you for digital tax
As experts in the cloud based Quickbooks Online platform, we can help you to do this.
We can set up an accounting system suited to your bespoke needs, port you to this, and then manage your accounts and filing of returns for you online, ensuring your compliance.