With the Government’s flagship Making Tax Digital (MTD) regime now in place, more and more businesses are looking at cloud accounting to help them get to grips with managing their tax and financial information online.
Since the introduction of MTD, businesses now need to ensure that all of their relevant tax and financial information has been migrated online via an MTD-friendly software package, which will enable them to communicate with HMRC when it comes to submitting tax information.
If your business is VAT-registered, you are now required to use this software to send quarterly digital reports to the Revenue for VAT purposes (since April 2019).
Originally, other forms of taxation, such as Income Tax and Corporation Tax, were meant to follow on from the requirements for VAT April 2020 at the earliest. However, following the 2019 Spring Statement, the Government included an amendment in a Written Ministerial Statement, which confirmed that MTD for other forms of tax would be delayed until April 2021 at the earliest.
In relation to Corporation Tax not much has been revealed yet by the Government, but it is expected to be introduced alongside or shortly after Income Tax reporting for MTD in 2021.
The multiple benefits of cloud accounting
Connect from anywhere
Connect at anytime, anywhere, and on any device.
Check what’s come in, and what’s gone out with real-time updates on invoices and outgoings.
Collaborate in real-time
Work, create, and share in real-time with colleagues or an expert at Clemence Hoar Cummings.
Smart and organised
Easy-to-use online dashboards keep your records, invoices, bills and reports in one secure location.
Security is our number one priority
Bank-level security and 24/7 customer support.
Software that suits you
We only use software that suits you. We can advise on the most suitable software based on your needs and preferences.
How can Clemence Hoar Cummings help?
If you need help with cloud accounting, look no further. At Clemence Hoar Cummings, our team can help you to choose the right cloud accounting package to suit your business and we can also support you with the transition to MTD.
To find out more, get in touch today.