From the 1st of April 2019, all VAT registered businesses that have a taxable turnover above the VAT threshold are required to keep digital records and use software to submit their VAT returns. Self-employed businesses and landlords that have an annual business or property income of above £10,000 will also need to adhere to the MTD rules from accounting periods starting on or after 6 April 2023.
There are many benefits to making tax digital and doing tax digitally has made filling in tax a lot easier, more effective and highly efficient. When it comes into play it will turn tax returns from an annual occurrence to a quarterly one instead which will provide a lot more financial visibility and make it easier to manage and maintain. This will help with budgeting and provide a more accurate forecast.
We offer our clients a fully managed and paperless bookkeeping system through the use of leading online cloud software. At Elite Financial Accounting, in order to maintain and manage our customers financial accounts, we use Xero accounting software, which is cloud-hosted and Receipt Bank, a mobile application that will allow you to stay up to date with just one snap. Not only can you access the highly secure software from anywhere at any time, it also makes it easy to create and track your invoices, get your books done faster and feel confident in your numbers.
Using this software allows us to account for transactions on even a daily basis, which means we able to advise our clients on a more timely basis, allowing them to plan their tax and budgeting a lot better. We take the headache away from handling lots of paperwork, allowing you to concentrate on what you do best like growing your business. We work hard to make sure that our clients aren’t paying a penny more than they should be in tax and we always put our clients needs first. We want to make paying tax easier for all and with the software we provide and with our team of experts, we can ensure just that.
Our fixed monthly package offers all this along with other accountancy services such as annual accounts, tax returns and payroll. As all businesses are different please do contact us for a more tailored and unique quotation. Call today to find out what we can do to help your business.