MTD is Delayed – But Your Company Shouldn’t Wait To Go Digital
Your digital tax journey shouldn’t necessarily be linked to the Government’s Making Tax Digital (MTD) initiative. You should embrace the digital future and use the disruptive power of digital to help make your digital journey more intuitive and less legislative.
For those unaware, MTD was removed from the Finance Bill just before the last General Election and uncertainty due to the current minority Government means we are unsure about when it will gain Royal Assent. However, there is an unnerving sense to this change. Many companies aren’t ready for this digital journey.
This is a wake-up call! The digital transformation has already begun. Accountancy practices, like Prestige Business Management, can provide an alternative to paper-based record-keeping. The traditional ‘shoe box’ of receipts doesn’t necessarily have to be the case in twenty-first century business. There are alternatives to help begin the transitionary process towards making tax digital for all.
What can you do?
The original MTD goal was to have quarterly tax returns submitted online whilst maintaining all records in accountancy software packages. This isn’t necessarily difficult, or expensive even, for SMEs to implement right now! Disruptive, start-up friendly, accountancy firms, like Prestige Business Management, can provide bespoke digital packages that can help provide the right digital framework to help make tax digital for your unique business environment.
Software like QuickBooks is already available. You can your record-keeping digital. You can use software like 1Tap Prime (Receipt Bank) Unlimited to help keep digital records of your receipts and invoices and this can link with your digital accountancy software – like QuickBooks – which can digitise your accounts, link with your bank account and manage your taxes and invoices along with stock control and beyond. This means there is no need to pile the receipts into an envelope and keep Excel spreadsheets updated at the end of the year. You can keep an on-going digital footprint of your entire financial affairs.
Why should you embark on this journey?
This digital transformative journey means you can focus more on your business by understanding more about your financial affairs. You can more tightly control your outgoings and monitor your revenue with more incisive detail. These software platforms – like QuickBooks – can help you understand changes in trends and help you understand changes to your income. Helping you to understand sectoral change and more importantly learn to adapt to market changes.
The digital journey has already begun – it started when accounting software appeared on computers and then on the internet. The digital tax journey is the next logical step and linking your HMRC accounts, your accountancy software with your business can only succeed in helping to create a more informed business owner. Start your digital tax journey today and talk to our digital tax specialists at Prestige Business Management. Our subscription packages can help the digitally unsure, through supportive engagement and collaboration, whilst helping you to understand the value of digital accountancy packages and how they can help you improve your business model.
Why not call Prestige Business Management today on 0203 773 2927 or alternatively why not email the team directly at email@example.com for more information on how we can help you begin your digital tax journey?