One of the East of England’s leading accountancy firms, Moore Thompson, is warning businesses that they have less than a year left to get to grips with digital accounting ahead of the Government’s Making Tax Digital plans.
From April 2019 all VAT registered businesses with an annual turnover above the £85,000 VAT threshold will be required to make quarterly VAT submissions to HM Revenue & Customs (HMRC) using ‘designated software packages’.
This will be followed by similar requirements that will apply to other areas of taxation in future years under the Making Tax Digital (MTD) initiative.
In order to prepare for this change, Moore Thompson is urging people to act now to start to use MTD-friendly accounting software packages to keep their accounting records.
One way in which businesses can get up to speed is by using Moore Thompson’s, MT Cloud, an innovative solution which combines professional cloud accounting software options with the help and support of experienced Chartered Accountants.
The packages, available through MT Cloud subscribe to the belief of saving time and money; while Moore Thompson’s experienced team is trained to help businesses overcome the obstacles that may be blocking their success.
Mark Hildred, Managing Partner at the firm, said that these packages would not only ensure businesses were compliant with MTD but also enable business owners to access key financial information in real-time at the same time as their accountants, to automate processes such as generating invoices and to easily store and collate receipts and business expenses.
Mark added: “We would recommend that any VAT registered business with an annual turnover exceeding £85,000 needs to have an MTD compliant accounting package in place, as soon as possible, in time for Making Tax Digital for VAT next year.
“Making the move, potentially to a cloud-based package, will considerably reduce the stress and hassle of the change for those businesses affected as the deadline approaches.
“Also with the option of cloud-based accounting packages, all business owners can also benefit from the ease and convenience of online accounting, freeing up much-needed time to focus on the day-to-day running and growth of their business.
“If a business is not already compliant then making the move has to be done. All online accounting options are straightforward and a great way to make life that bit easier.
“I would encourage any businesses that have not yet made the move to MTD compliant software to contact us today to get the ball rolling.”
Moore Thompson is at the forefront of MTD advice and online accounting in the region and has launched a dedicated cloud accounting service, designed to meet the requirements of a wide range of businesses.
It is already working with many local businesses offering valuable advice and training on MTD as well as assisting relevant clients to migrate their current accounts and data online, ahead of the deadline for compliance next year.
To find out more about how Moore Thompson can help you with online accounting, please call 01775 711333 or visit www.moorethompson.co.uk/cloud/