Introducing Making Tax Digital
VAT registered clients have already seen this working in practice with the digital software submission of their returns.
5th August 2024 will be the submission deadline for the first quarterly accounts submission.
What does this mean to business?
As a business you will be required to use some type of digital accounting software or app to keep your records up to date and by doing so be able to update HRMC on a quarterly basis.
An annual summary is then completed with tax claims and a declaration of other income.
Who does it apply to
- Sole trade businesses with a turnover of over £10,000
- Tax payers with property income
- Simple Partnerships
2026 To be confirmed
- Complicated Partnerships ones with corporate partners
Anyone in the Making Tax Digital system will no longer have to complete a self assessment return.
In either of the above situations, you may be looking at one of the three labelled packages which are available in the market for the preparation of digital accounts.
We will over the next 18 months advise clients which we feel is the best fit for their business or maybe recommend alternatives.
Sage Certified Expert
A well-established player in computerised accounts and bookkeeping. It integrates very well with its own modules such as payroll. It is comprehensive built-in accounting package which also has stock and product management modules included.
Xero Certified Advisor
This product is building a strong reputation in the market. It integrates with many other web-based applications which may already be being used. It is a modular based and as such, you can subscribe to what you require. It is a monthly subscription based payment rather than a purchased package.
QuickBooks Gold Proadvisor
This product is a competitor to Xero, less functionality, maybe. But may provide a cheaper cost alternative to Xero.
McGinty Demack is keen to help business develop their accounting systems through the introduction of computerised accounts not just in preparation for the future introduction of making tax digital but more importantly to make businesses’ more efficient.
Hammock is a landlords software to make the running of your rental accounts easier and making tax digital compliant.
MGD approach to Making Tax Digital
McGinty Demack has online accounting packages to help businesses comply with Making Tax Digital. For more details complete the enquiry form below.
We can assist in the introduction of the above systems or others which may be of preference.
We can provide implementation of each of the above systems
We can provide training on each of the above systems.
So there remains one more question. Why wait for the government?
Over the next months we will introduce on to this page FAQ’s to help answer your queries, factsheets and advice.
We are here to help you transition smoothly to the new making tax digital system. We are making tax digital ready, are you?
Making Tax Digital; let MGD help you make good decisions
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