MTD for VAT has already started and has been “live” for nearly three years. It started with businesses above the VAT threshold limits (currently £85,000) in April 2019. From the 1st of April 2022, MTD for VAT will apply to all VAT registered businesses regardless of the level of turnover.
The first VAT period to which MTD applies to all VAT registered businesses (who are not already doing so) will be the one commencing on or after the 1st of April 2022.
MTD for Income Tax should become law from the 6th of April 2023, this will apply to self-employed, partnerships and to those who receive income from property, with gross income from these sources combined above a threshold of £10,000
As forward thinking accountants we know all the software’s and techniques to help our clients become MTD compliant, and we can proudly say that all our current clients are thanks to our help.
Most accountancy’s are moving away from traditional methods; bookkeeping no longer consists of looking through a folder of receipts then marking them off on paper bank statements and offices don’t require dozens of filing cabinets to store clients paperwork. The relationship between digital technologies and financial information has been evolving vastly in the last few years than ever before – including newer MTD regulations coming into effect. The options for businesses to move to a more digitised way of life has never been easier.
Throughout the past few years many businesses were forced to adapt in order for people to work from home and as we come out of this pandemic the skills and tech that we have come to understand and use has stayed with us. This is evident for software’s like Zoom, pre 2019 not many people would have heard of Zoom let alone use it but now it has become one of the main forms of communication. But we know it can be overwhelming trying to find what software your business might need to be more digital however we are here help!
Getting familiar with tech
Everyday new technologies are being released to compete in what is becoming a very populated sector: businesses specialising in categories such as e-commerce have become more frequent and in the last year alone the sheer number of new software applications to aid e-commerce businesses has multiplied massively.
We understand it can be overwhelming trying to find the right tech for you. Fortunately, we are tech savvy accounts, we have potential software’s that we can suggest and set up for you to fit your needs!
So lets talk about three of the main apps we use:
Xero is our main accounting hub; you can create invoices, see your bills and reconcile all your transactions either from a computer or on your phone on the go. Quintessentially, it’s bookkeeping made simple
Dext (formally Receipt Bank) is a handy software that allows our clients to easily process their expenses and bills, gone are they days of hoarding receipts, you can now take a quick picture on the Dext app and all the information will be pulled out and sent straight to Xero
Senta, this is our document sharing platform, when a client signs up with us we set them up to our Senta portal – from here they can view any documents we have uploaded or they can hand us documents we have asked for as well as sign paperwork.
In full-filling our mission, we’ll get to know you and your business and what it is that is important to you. We like to build a close and honest relationship with our clients in which we can inspire, challenge and support you to achieve your goals. We provide the best advice and friendly environment for you to discuss and consider your options.