Following the introduction of Making Tax Digital (MTD), VAT-registered businesses are required to keep digital records and use software to submit their VAT returns. Since April 2022 this also includes businesses who are VAT registered but below the VAT threshold (currently £85,000) who were previously exempted.
Even if you are not VAT registered at all you should start to think about using MTD compatible software to record your business transactions as HMRC is planning to extend the scope of MTD in the coming years. This is currently set to apply from April 2026.
Also, preparing accounts from software that has been well maintained is much more straightforward than from manual records so it can help to keep your accountancy costs down too!
There are lots of software providers to choose from such as Sage, Xero, QuickBooks and FreeAgent but before you sign up for any new cloud-based bookkeeping software, contact us to discuss the discounts we can offer.
Remember we offer Sage Business Cloud Accounting FREE for 12 months to new clients too!
We can also provide one-to-one training on your choice of software if required, which is highly recommended.
If you would prefer to spend your valuable time building your business rather than writing up your books, we do offer a complete bookkeeping service too.
Please contact us to discuss your requirements and to find out about our FREE software offer.