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Tuesday, 13 December 2016 11:01

Making Tax Digital (Making Business Easier)

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Making Tax Digital (Making Business Easier)

There are huge changes being planned to the tax system. I want to talk you through the major changes that are coming your way.

There’s even a discount offer (from me, not from the Government).

To begin with...

The Government is making tax digital 

By 2020 businesses and individual tax payers will be able to register, file, pay, and update information twenty four hours a day.

For the vast majority of us this will also mean the end of the annual tax return.

One of the biggest changes that will be coming is that businesses will not have to wait until the end of the tax year (or even longer) before knowing how much tax they will pay.

 Your personal digital account

Every small business owner and individual taxpayer now has access to a digital account that they can use to check their records and manage their details with HMRC.

Through your digital tax account you will be able to interact with HMRC directly.

As a business owner you will have a clearer picture of your liabilities, all in one place, and a much better understanding of your tax affairs.

This should prevent any tax due or repayments owed from building up. Plus you’ll no longer have to wait until the end of the tax year to know how much tax you have to pay.

If you’d like to find out more about this there is a helpful online guide that you can read here

Not only will this make managing your accounts easier, but there is also another step forward that you need to take advantage of…

 Cloud accounting for small businesses

To help make life even easier you can manage your bookkeeping and accounts using Cloud software, and stay on top of your week to week affairs.

One of the best ways to do that is to use software designed for small businesses and freelancers.

There are loads of plus points to switching to Cloud accounting software for your business.

  • You can access your information on the go - using your mobile or tablet
  • Your accounting data is safe – even if your laptop should crash
  • We can work together better – this software allows us to collaborate better
  • We’ll both be using the same software – and, importantly, the same version of it
  • We can access your data on the move – that will help to speed up response times

There’s an ideal software package for small businesses called FreeAgent. It’s so straightforward you can use it on your mobile. All you need is a Wi-Fi connection (it’s all web based, so there’s nothing to download, install, or update).

 If you’d like to take the easy step to using Cloud accounting software I can even off a 30% discount to my clients for FreeAgent.

To find out more about how changes to the tax system will affect you, and how cloud accounting software will make your business life easier, drop me an email at This email address is being protected from spambots. You need JavaScript enabled to view it. or call me on 07849 718662

Read 142 times Last modified on Tuesday, 13 December 2016 11:07

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Ivy Wood Bookkeeping & Accountancy
Dean Street,
Newport,
NP19 7FD

07849 718662
This email address is being protected from spambots. You need JavaScript enabled to view it.

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