As you know from our updates on Making Tax Digital (MTD), soon it will be increasingly difficult to get by with paper-based accounting methods. HMRC has made it very clear that they’ll be expecting digital submissions, starting with VAT. So it’s important that all businesses be ready.
What’s Coming for Businesses
VAT is the first area where HMRC intends to make digital submissions the norm, coming up in April 2019. We’ve seen many times in the past that businesses leave such necessary changes to the last minute. Which often has unfortunate consequences for the firm in question. Don’t let that be you!
What Steps Should I take?
In the short term, the best move is to start implementing accounting software into your day to day business practice. Although HMRC hasn’t yet issued full guidelines for what will come after digital VAT submissions, it’s a fairly safe bet that you’ll need such software for other areas of accounting and tax in the future. Make things easier for yourself in the long run by starting now.
How Can We Help?
We’re proud to be official Sage Partners here at K.A.Farr & Co., which means we can help you find the best accounting software at the best price. Not only that, but we’ll help you to get set up and give you all the training you need to implement it properly.
Get in touch with us to find out more about how we can help you to prepare your business for the changes that are coming. You can call us on 01704 211 434 or fill in our online contact form and we’ll get back to you!