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Cloud Accounting Services in Sheffield & Rotherham
Two years ago, it was proposed that Her Majesty’s Revenue and Customs (HMRC) was to move to a fully digital based tax system.
Cloud Accounting Services in Sheffield & Rotherham
We have a dedicated team at Brearley & Co, that means cloud accounting across South Yorkshire has never been easier. By the end of the 2020/21 tax year the way that businesses, including landlords, currently interact and liaise with HMRC changed beyond recognition. This initiative was known as “Making Tax Digital” (or MTD).
The introduction of MTD was phased in as follows:
2018/19
The first phase impacted entities who are VAT registered with an income over £85,000. From April 2019, they needed to keep a digital record of all VAT transactions. Entities were also expected to submit VAT returns using MTD compliant software.
Self-employed and unincorporated landlords with net turnover above £85,000 are now required to record their business-related transactions digitally using MTD-compliant software and to update HMRC on a quarterly basis for income tax and National Insurance obligations.
2019/20
The second phase impacted all entities between £10,000 and £85,000. For those not yet on a cloud accounting solution it was a transition that needed to be considered.
All VAT registered businesses, whether they are filing quarterly updates or not are required to file VAT returns using MTD compliant software. In addition, self-employed and unincorporated landlords with net turnover below £85,000 and above £10,000 are required to record their business-related transactions digitally using MTD-compliant software and to update HMRC on a quarterly basis for income tax and National Insurance obligations.
2020/21
The third phase impacted all entities registered for all other taxes, bringing in taxes such as corporation tax, self-employed tax returns and CIS, amongst others under the digital banner.
Companies (including incorporated landlords) and complex partnerships are required to record their business-related transactions digitally using MTD-compliant software and to update HMRC on a quarterly basis for income tax and National Insurance obligations.
What does it mean for me and my business?
As mentioned above, all businesses are required to become compliant with MTD. Businesses are required to follow the MTD regime.
How does MTD benefit me and my business?
There are four main benefits of MTD to small businesses:
- Improved quality of record keeping
- Reduced likelihood of error (due to less manual entry)
- More efficient management of business affairs
- Less time gathering and inputting data
Will QuickBooks develop or enhance their existing product that keeps me compliant with MTD?
Yes. We’ve been consulting with the HMRC to provide you with an online experience that makes it as easy as possible to comply with the new MTD initiatives.
Call us today to discuss how we can help get your business ready for the new era of digital tax and how you can get QuickBooks UP TO 40% DISCOUNT!* (T’s & C’s apply).
You can then start benefiting from our partnership with QuickBooks. Not only will we provide you with MTD for VAT compliant accountants package, there are significant benefits to your business if you use the recommended package.
*Offer applies whilst we are engaged to do your VAT return and/or Bookkeeping.
Cloud accounting benefits
Smaller businesses will, generally speaking, feel the biggest impacts of cloud accounting. Working in the cloud allows you to significantly reduce the amount of time you spend working on those time-consuming tasks, which then means you can look forward to growing your business, knowing everything is taken care of in the cloud.
You're also safe in the knowledge that you will have greater access to real-time data for your company – with no limit on location – as information is accessible at any time, from anywhere and on any device that has internet access. Think of it like online banking and you won't be too far from what cloud accounting can do for your company.
What can Brearley & Co do to help?
We think cloud accounting should be as easy as possible.
Speak to our team today on 01709 581667 or email admin@brearleyandco.co.uk to find out how we can help your business.
How can we help you?
Brearley & Co Accountants are pleased to offer a free, no obligation, initial consultation with one of our experts who will be happy to discuss your business needs and how we can help you.
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