Ready for Making Tax Digital ? There has been a lot of news and noise about Making Tax Digital (MTD). The purpose of this short blog is to remind you of the key points about MTD, which becomes live on 01-Apr-19.
Making Tax Digital
MTD is compulsory if you’re VAT registered and over the VAT threshold. It is about how you submit your VAT return to HMRC, the VAT rules, VAT schemes and responsibilities stay the same.
Don’t see MTD as just another thing to keep on the right side of HMRC. Keeping HMRC happy is recommended, but this is not just about compliance.
We see MTD as a great opportunity to improve your business. Improve your business by you relationship with your business numbers. Cloud Accounting systems like Xero, helps you take charge of those numbers.
It’s easy to lose sight of the importance of our Business Numbers. This is a shame because Business numbers are bloody important. Business numbers help illustrate your business story.
Every business, however big or small you are, should know some essential things about their business.
Businesses need to know things such as
- How much cash is coming in and out
- What costs are
- Money in the bank
- Those who owe us money
- What the future holds
- What profit are being made
When do you need to know this? Not in several weeks or several months’ time, you need to know now.
What’s the solution? At the touch of a button, you can get the answers to those questions.
You can better plan, manage and control your business, giving you more money, time and growth, which is what we all want
It’s not expensive to adapt and develop your current systems, and the benefits will pay back the investment.