Digital Tax Accounts – Getting ready for the inevitable
26th April 2016
From April 2018, businesses, including everyone who is self-employed and those letting out property, will be required to update HM Revenue & Customs (HMRC) at least quarterly where it is their main source of income (or a secondary source of income above £10,000 and their main income is from employment or a pension). These changes will be introduced for some businesses from April 2018, and will be phased-in by 2020 for Limited Companies, giving businesses time to adapt.
These businesses will be required to use digital accounting software and / or apps, to keep records of their business income and expenditure. HMRC do not deem Excel spreadsheets and such like as digital and therefore many businesses will need to make the transition to digital software over the coming years.
With the move to digital software for all becoming inevitable, we at Plus Accounting ask, why wait?
The digital software Xero is an online bookkeeping package, which we have found saves our clients time on data entry and assists with them streamlining some of the internal processes of their business.
The Xero team at Plus Accounting has extensive experience of implementing Xero for their clients, across a wide range of industry sectors. Since Xero’s launch in the UK, we have worked closely with Xero and we are now a Silver Accredited Partner.
You can find out more about Xero at the following link: http://www.plusaccounting.co.uk/xero and if you are interested in a free 30 minute demonstration of Xero with a member of the Plus Accounting Xero team, contact us on 01273 701200 or at firstname.lastname@example.org