HMRC is Making Tax Digital MTD and it affects you!
HMRC’s Making Tax Digital - MTD - is a stop date, HMRC have basically said ‘from this date on: everything will be in the cloud.’” Equally, it seems the digital transition will also be a stop date for cloud companies, and Cloud Accounting NI is here to help small businesses shift to this software oriented tax system.
Cloud Accounting will be required
When MTD comes to fruition - in 2019, HMRC will make it very difficult for people not to update the government without some sort of tool. It will move everyone away from their online banking and their spreadsheet.
Cloud Accounting Software
Tax payers’ habits are hard to budge unless the government threatens them with a stick.
However, there are several software apps that will overcome this administrative pain and will entice sole traders to real-time accounting.
These apps will allow Sole Trader and Small Businesses to:
1. Captures receipts on app
2. App extracts the data and automates bookkeeping
3. Accountant verifies for self assessment.
Using the latest software, Cloud Accounting NI can continue to serve sole traders and small businesses to deliver the quarterly submissions demanded by HMRC within a fee structure that won’t scare them off.