What’s next in the digital tax overhaul?
The deadline for Making Tax Digital for VAT may have passed, but the digital tax revolution continues.
HMRC is driving forward its digital developments as it works to achieve a real time view of tax affairs, which is hoped to achieve greater efficiency and accuracy.
A beta trial is already underway for quarterly Income Tax filing, which is expected to roll out in 2021 alongside new digital changes to Corporation Tax.
However, despite having years to prepare, one in four SMEs missed the August deadline for Making Tax Digital for VAT. Whilst HMRC remained lenient by issuing no penalties, the same cannot be guaranteed for future rollouts, and it is therefore crucial that businesses get their house in order.
As experts in digital tax – having already helped our clients embrace online accountancy software, such a Sage Business Cloud and Xero – our advice is to switch to a technology that is Making Tax Digital compliant. As trusted advisors, it’s our job to match our clients with the right platform that delivers on their wants and needs, whilst supporting them in their future growth ambitions.
Digitisation is helping our clients to streamline their internal processes
Gaining this real time overview of your financial position is the lifeblood of every business. Digitisation is helping our clients to streamline their internal processes, which combined with our consultancy offer, can provide an outsourced accountancy function that delivers timely and accurate financial information to support key decision making.
Ensure you don’t get left behind in the race towards digital tax; now is the time to digitise your finances.
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