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Digital tax is coming – be prepared for the change

Her Majesty’s Revenue and Customs (HMRC) has issued plans to make businesses file quarterly information with it. How individuals and businesses interact with HMRC is changing. Keeping your financial records will become increasingly digital, and most businesses will need to use online software or apps to keep business records. The days of manual record keeping will be over.

 

There are exemptions, but for most businesses with a turnover above £85,000 you will need to start planning for Digital Tax now. Cloud accounting software is a good solution and there are significant benefits to your business:

 

  • It’s on the Cloud so you can get a clear view of your finances any time any place
  • Run your business from work, home or on your mobile
  • It automatically grabs bank receipts and payments in real time
  • Use your mobile to photograph purchase invoices and expenses and upload these to the software

 

For more information contact Derek Boughton on dboughton@ellacotts.co.uk or 01295 250401.