Get Future-proofed with an MTD-Compliant Accounting Platform
What are the actions you need to take if you're a FD or accountancy practice ahead of Making Tax Digital? AccountsIQ, award-winning cloud accounting software, one of the fastest-growing brands in the UK is a flexible solution that will future-proof and adapt to your changing business needs and is listed by HMRC as a vendor with compatible software.
WHAT IS MAKING TAX DIGITAL?
Making Tax Digital (MTD) will help business customers handle their taxes more efficiently, streamlining the entire process so that the digital records required by HMRC can be generated and transferred directly from your accounting software. Once implemented, it’s likely to save you time and resources by automating your accounting and making all your financial data available in one single place.
The first key date is April 2019, and any VAT-registered business earning over the £85k threshold set by HMRC will be required to handle their VAT returns digitally. This will be followed in 2020 by further requirements for companies to deal with their income tax and corporation tax using the Making Tax Digital platform.
DO I NEED TO ACT?
It’s important for businesses to be ready for the change. If your current accounting software is compatible with the new requirements it may simply be a question of talking to your provider and introducing new processes within your company. If not, now is a good time to consider making the switch to a more suitable, cloud-based accounting software provider.
If you run an accounting practice, there are some important considerations to make.
- Review your client base. How many clients do you have and what software is being used?
- Are they currently on the right platform in order to be compliant? If they’re on 'on premise' or systems installed on desktops, such as Sage 50, Exchequer, Sun Accounts, Access Dimensions , now is the time to decide if they need to move.
If not, which software would deliver the best return on investment? Consider switching to AccountsIQ cloud accounting software, which is integrated easily with systems such as AutoEntry for easy data collection.
If you currently work with an older accounting system or one that’s not cloud-based, ask your provider if they are MTD ready. If not, ask how they are looking to ensure they meet the deadline.
Consider the following:
- How is this going to impact my business?
- How can I evaluate which software will suit the needs of my business?
If you’re not confident that your current provider can meet your needs, get in touch to find out if AccountsIQ is right for you, and read about the key features of our cloud-based accounting system.
Do I need to change my system?
Older software, or on-premise software that’s installed on your computers, will require workarounds in order to comply with the new rules of Making Tax Digital for Business. This will not be ideal in the long run. Companies should be looking to futureproof their systems as HMRC will be looking to bring additional components such as Corporation Tax online by 2020.
Why switch to AccountsIQ?
AccountsIQ is one of the fastest-growing brands in the UK. A flexible solution that will adapt to your needs, our award-winning cloud accounting software is a futureproof tool for your changing business needs.
The powerful functionality within AccountsIQ is designed to help businesses become more efficient.
Our open API means your accounting system can be integrated easily with any other Cloud technology; we collaborate with a growing number of software partners to make things simpler for you.
Our partnership with AutoEntry and other integration partners makes the collection of invoice data and other information really easy, using OCR technology.
We have thousands of happy customers and have helped many clients switch from on-premise software solutions such as Sage.