The government and HMRC have begun the roll out of the new tax regime, which is commonly referred to as Making Tax Digital.
VAT registered businesses with turnover over £85k are already required by law to keep their financial records digitally and report their VAT figures electronically. The government plans to roll this out to most other businesses and most other taxes shortly.
What all of this means to you in practical terms? Whether you are a large business or a new start-up it is time to manage your company’s bookkeeping to a modern standard.
All Tax Accountants have been helping businesses introduce and use digital systems for many years and are proud partners of both Xero and Quickbooks– the leading online accounting systems that enable small to medium sized business to collaborate with their team and accountants in real time.
Our two recommended bookkeeping packages, Xero and Quickbooks, are great for your bookkeeping and great for your business. Talk to us to find out which is best for your business.
Using Xero and Quickbooks allow you to automatically import your bank statements making your bank reconciliation speedy, accurate, and simple; raise quotes and invoices quickly; capture and store receipts; monitor profit and so much more. Most importantly, you can have an accurate real time view of the condition of your business.