Most businesses are well aware of MTD for VAT. However, a lot of businesses are still unaware that Making Tax Digital is going to cover Income Tax (for turnover over £10,000), and will be compulsory from 6 April 2023.
With that in mind, we work with our clients to ensure they are ready and adopting the systemisation of cloud bookkeeping ready for these new rules to be implemented. This gives plenty of time to learn the new systems, ensure you are recording things in a timely fashion. The days of “doing my bookkeeping at the end of the year” are going to quickly vanish, and real time accounting is going to be an essential part of your business.
We are the perfect partner for you to get this into place, as experts in apps such as Xero / Dext (ReceiptBank), we can show you ways to streamline the process and make it as easy as possible. In addition, we are running training courses to help you avoid the job from fear of the unknown, and show you how to correctly record your income as well as your expenditure to ensure accurate submission of the quarterly reports which will be required by HMRC.