Making Tax Digital is the biggest change to tax and accounting for over a decade. With changes coming to how businesses will have to maintain their records and how often HMRC will require figures to be submitted a fresh approach to how we all work is necessary…
Most of my fees will be moving to a monthly basis in the near future…
In common with most Accountants I tend to look at your business records once a year when you provide them to me and I prepare the Annual Accounts and Tax Return.
That will all be changing….
From 2019 into 2020 and beyond it will be necessary for me to be involved in your business quarterly with a final “wash-up” so that I can submit the quarterly (actually five) figures to HMRC and fulfill your obligations under the Making Tax Digital rules.
This has a number of advantages:
1. Your records will be up to date at least every 3 months as you will need to do this to ensure we have the figures for HMRC.
2. Digital records can be quicker to maintain than paper ones.
3. I can undertake the record keeping for you if you wish leaving you free to do what you do best.
4. As I am involved more regularly with your business I can offer advice more freely and at a pertinent time helping your business to grow.
5. Monthly fees are more manageable than having to find one fee as a lump sum at the end of the financial year thus helping your business cashflow.
There are other advantages but that gives you a flavour for why the changes are necessary.
Most new clients will see the changes shortly and existing clients phased in from the start of the 2018/19 or 2019/20 financial year but if you wish to explore this change sooner please get in touch.