If your business is VAT registered and has a turnover above the threshold of £85,000 then it is time to act to ensure you can comply with Making Tax Digital regulations.
Uckfield bookkeepers Team4 Solutions, who are based at The Roller Mill, in Mill Lane, say the deadline for compliance is April 1, 2019.
And, they say, while the idea may seem daunting at first, once initial hurdles are overcome, you will find your bookkeeping life made much easier by the mandatory introduction of digital records.
People who like technology will enjoy updating records wherever they are, photographing receipts, uploading them direct to specialist software, then throwing away the paper.
Team 4 Solutions senior partner Claire Packham said: “You will be able to photograph cheques too – no need to take them to the bank any more.”
Claire said 50% of businesses are still using spreadsheets to track income and expenditure but that won’t be acceptable once Making Tax Digital is introduced.
And, she said, while Making Tax Digital starts with VAT registered businesses above the threshold of £85,000, it will gradually be extended to include all businesses and sole traders.
She added: “Yes there is a compliance element but there are also real benefits for business owners adopting digital technology, not least a saving of time.
“With the right software you can enter your expenses, send invoices, and check your accounts, all from your smartphone. You don’t have to be stuck at your desk doing admin.”
Different software packages suit different businesses and if you are finding making your choice a minefield – 70 different versions are listed on the Government website – then Team 4 Solutions is happy to offer professional advice.
The bookkeeping company is impartial and is keeping up to date with new packages coming to market, staying aware of what is going on in the industry.