The introduction of Making Tax Digital (MTD) for VAT is getting closer.
From 1 April 2019, all UK businesses above the VAT-registration threshold (£85,000 in 2018/19) will need to keep records digitally.
Businesses will need to submit VAT returns to HMRC using MTD-compatible software.
The legislation requires businesses to use this software to keep digital records and to submit VAT returns.
From 1 April 2019, software which prepares a VAT return to send to HMRC must be MTD-compatible and it must integrate directly with HMRC servers.
We’ve been working with Xero since 2010 and have experience setting up and migrating hundreds of our clients.
What are the benefits?
Adopting online accounting software offers considerable benefits to your business, including:
- Increased automation: Xero enables you to automate your business with your bank feeds, online sales invoices and quotes, electronic copies of purchase invoices, project management and expenses.
- Time saved: We estimate business owners will save two hours a week using Xero.
- Better information: With up-to-date records, you have financial information at your fingertips and to make better business decisions.
- Better collaboration: We’ve seen two changes for businesses using Xero: they talk to us more regularly about how their business is doing, and they use us more frequently to check their records. This helps to improve business performance and reduce their tax bills.
- Smoother year-end accounts preparation: No more last-minute scrambling for all the paperwork to give to your accountants.
Helping you go digital
We are already helping clients convert to Xero so that they are MTD-compliant and have the benefits of online accounting.
If you would like more information or would like to schedule a Xero demonstration, contact us on firstname.lastname@example.org or call 0117 967 5215.