To summarise, HMRC will expect all self-employed individuals, members of partnerships and landlords with a turnover of over £10,000 to be submitting quarterly updates of their business information to them, this is being called Making Tax Digital (MTD). What form or how much information is to be contained in the upload is still to be decided by HMRC. This quarterly upload of information will have to be completed through a digital accounting software package.
The timetable is as follows:
- From 6th April 2018 — Unincorporated businesses with turnover exceeding £85,000 (excluding large partnerships) will be required to "MTD"
- From 1st April 2019 — All VAT registered businesses will need to use digital software to upload VAT return information, the use of the Government Gateway will no longer be applicable.
- From 6th April 2019 — All unincorporated businesses and landlords with turnover exceeding £10,000 will be required to "MTD".
- From 1st April 2020 — All Companies will be required to "MTD"
To prepare for this, we at Greg Hannah & Co. have been pro-active and teamed up with Intuit QuickBooks, the number one online accounting solution in the world. With the majority of our team being certified QuickBooks Online Pro Advisors, we know we are in a position to offer help to all our clients and also to any potential new clients. We believe the earlier that you implement the use of digital software, the more prepared and equipped you will be for when the time comes to start uploading your quarterly information.
There are many benefits to signing up to QuickBooks, but we believe the following to be the best:
- HMRC compliant software
- Daily uploads direct from your bank accounts
- We can access your QuickBooks account at any time and advise and correct any issues
- Access your account from anywhere, PC, tablet device or smartphone
- Up to date accounting information
With various packages available, starting from as little as £5 per month, contact us for more details.