Making Tax Digital is just under a month away. To ensure you and your business will be ready, it is important you now choose a compatible software to comply with your VAT reporting obligations.
Why is it important?
As of 1 April 2019, the only way to pay VAT for those of you with businesses above the VAT-registration threshold of £85,000 will be through HMRC-approved software. With time running out, it is essential you make the switch today.
What options do I have?
With some many software packages on the market, it is hard to choose. At Dunkley’s we recommend QuickBooks or Xero but understand these don’t work for every business.
Other options include Sage and API bridging software, but we would highly recommend discussing these options with us before making the switch.
To see a full list of options available to you and your business, visit HMRC.
How can I decide what is best for me?
With so much choice, we recommend focusing on two elements:
- Software requirements: What does your software need to be able to do? For us, the key factors to consider are digital record-keeping and filing tax returns online through HMRC channels. If the software you currently use can do this then you are set, but if it doesn’t it is time to make a change.
- Software elements: As well as considering your requirements, it is important to look into the elements you need within the software package. We would recommend focusing on cost, ease of use, features and connectivity with other systems. Top tip: Try before you buy. Companies, such as Xero and QuickBooks, have demo companies set up for users to try and get used to their products before purchase.
We understand that this is a big change and that it isn’t an easy thing to grasp straight away. We are here to help answer all the questions you have and break things down to make it easier for you.
Please get in touch with our MTD specialists to talk through your options today. Call us on 01454 619900 or drop us an email advice@dunkleys.accountants