Making Tax Digital is on its way. But here’s where you’ll get a split in opinion: some businesses will see it as an opportunity, some will see it as a threat. The same goes for accountancy firms.
At Whyfield, we are firmly in the opportunities camp. That is why all of our clients are either fully compliant or well on their way to it. Why wouldn’t our clients want instant access to their performance? Plus digital accounting is far less time consuming than manual accounting and it costs less than a £1 a day for the software.
Here’s the thing, change is happening. Making Tax Digital has been delayed. If HMRC listen to the British Chambers of Commerce (BCC) it’ll be delayed even further.
BCC’s April 2018 survey shows that 24% of UK businesses have made no preparations for Making Tax Digital which comes into effect in April 2019 for VAT and only 10% of firms know ‘a lot of details’ about the switch to the digitised tax system.
Whether it happens next year, the year after or the year after that, it will happen. Like any forward-thinking business, we believe that the sooner you get your head around it, the better you’ll adapt. We are absolutely convinced that digital accounting will improve your business and the benefits far outweigh the costs.
Economic analysis by Sage and Plum Research has been applied to digital accounting, estimating it could save Small & Medium Businesses £17,000 per year, equivalent to getting 27.6 days a year back to focus on revenue-generating activities.
Got a cloud software package and want help in getting more out of it? We can give you support over the phone or you are very welcome to talk to us about training at your place or ours.
We’re partners with all the Making Tax Digital approved cloud software providers, which means we can provide you with tailored support the needs of you and your business.
Need to switch to digital software? Don’t worry, we’re happy to help you select the right system to fit your needs and can get you set up easily.