From 2019 interaction with HMRC will become increasingly digital, with businesses using Cloud accountancy software packages to record business activity.
The end of the tax return is nigh, digital tax is to become a reality… are you ready?
Making Tax Digital (MTD) is a £1.3bn investment programme that will mark a fundamental change in the way that businesses interact with HMRC.
Spreadsheets will no longer be the norm and software will instead link directly to your business bank account, so transactions are automatically captured and included within your accounts on a daily basis.
No more receipts clogging up your desk drawers; you can now take a photograph of your petrol receipt and upload it directly to your accounting app, meaning your records are updated in seconds.
No more preparing sales invoices to be sent in the post; instead, you can create and send them directly to your clients from your phone, and your sales figures will be updated instantly within the software.
And you will never have to worry about back-ups of your accounting software again!
Also, see your accounting figures 24/7, 365 days a year all from your Smart Phone.
HMRC issued ‘Making Tax Digital’ in 2015, announcing these big changes for 2019 and eventually becoming fully digital by 2020; meaning that businesses have a time frame to move from the desktop to a cloud package.
To help make the process smoother Cambria For Business and Ellis & Co Chartered Accountants and Business Advisers will be holding an event entitled ‘Making Tax Digital – are you ready?’ on Wednesday, March 6 at Cambria Business School, Northop.
Join John Moorhouse, and Anna Rowson-Smith as they explain the ‘ins’ and ‘outs’ of digital tax, followed by an accountancy software package demonstration.
In her demonstration Anna will show you how to:
∙ File VAT and self-assessment to HMRC
∙ Import bank transactions
∙ See how much tax is owed, and when it is due
∙ See how much money you owe, and how much money you are owed
Registration for this event will begin at 8am for a 8.30am start and finishing at 10am.
Complimentary tea/coffee and pastries will be available on arrival.
This is a free event, but you will need to register your attendance here.