Making Tax Digital (MTD) comes into effect on 1 April 2019 which will affect all VAT Registered businesses.
Making Tax Digital (MTD) is a fundamental change to the UK tax system, it will affect how UK businesses maintain their accounting records.
From 1 April 2019 all businesses with turnover above the VAT registration threshold will be required to:
1. Maintain their accounting records DIGITALLY in an accounting software.
2. Submit their VAT Returns to HMRC online using compatible software – HMRC’s portal which is currently used by 89% of businesses to file their VAT Return will no longer be available from 1 April 2019.
Businesses which do not maintain digital accounting records or submit their VAT Return to HMRC digitally will face financial penalties.
Software such as Xero, Quickbooks and Sage Business Cloud Accounts are MTD ready and use of these software will ensure that a business is MTD compliant.
Benefits of our XERO training:
Our training is personalised, based on your own needs and requirements. We cover all aspects of using Xero and discuss all aspects of your business & the processes you need to perform daily, weekly, monthly. We offer:
1.Remote one-to-one training in the comfort of your own home, workplace etc… via screen sharing software from £75 plus VAT per hour.
2. Monthly ongoing support and training for a simple fixed monthly fee from £139 plus VAT
If you are currently using another software, we can assist you to transfer the financial data to Xero. We recommend bringing in financial data from the start of your current year if you’re part way through the year, and we will ensure this is a seamless process by using the most efficient method for your business. By getting to know you and your systems and processes, so we can be sure to get your Xero setup in the best way.