In July 2017, HMRC announced that all businesses and individuals will have to file their accounting information digitally.
What does this mean?
By April 2019, businesses above the VAT Threshold will need to keep Digital records and from 2020 this should apply to all other businesses who will be updating HMRC quarterly for their corporation tax, Income Tax and National Insurance obligations digitally. It is a significant change for many of us and means the end of the annual tax return to be replaced with a digital tax account where all your information will be stored in one place.
This change in the way HMRC wants information from tax payers means that you may need to move from your existing desktop or manual record keeping and onto an online accounting package.
What are the advantages of going digital?
Digital accounting software has significant advantages over the traditional ways of bookkeeping.
Imagine if you could:
For more information on this please give us a call on 0208 596 5014.
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