One of the most recent changes to the way in which businesses operate for accounting is the advent of 'Making Tax Digital'. This new regimen implemented by HMRC aims to digitise the tax system and move away from the 'paper and pen' approach of the past.
Making Tax Digital practices are currently only mandatory for VAT registered businesses with an annual turnover of over £85,000. However this will come into effect for all VAT registered businesses in 2022 and will be expanded to Income Tax in 2023 so it is beneficial for businesses to become familiar with digitised records in preparation for this.
At CRL Accounting we understand that for many people the idea of using software to hold their business records can be daunting at first, particularly to well established businesses who have been operating in the same way for many years. However we aim to make the transition over to digital record keeping as painless as possible.
We will help you to choose appropriate, Making Tax Digital compliant software and guide you through the basics so that you feel comfortable and confident that your business is adhering to current legislation.