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Your Numbers, Our Expertise
What is Making Tax Digital (MTD)?
In Budget 2015, the government unveiled its vision for a transformed tax system, and in December 2015, it released the Making Tax Digital roadmap. This roadmap outlined the government's ambitious plan to revamp the tax system, aiming to modernize tax administration by 2020, making it more effective, efficient, and user-friendly for taxpayers.
Practical Implications
Starting in April 2019, VAT registered businesses, including the self-employed and landlords, with a turnover exceeding the VAT registration threshold (currently £85,000), are required to:
Maintain their VAT records digitally.
Submit their VAT return information to HMRC using Making Tax Digital compatible software.
For other businesses, the implementation date will be postponed until at least 2020. However, it's essential to consider preparing for this change now.
How We Can Help
At Figuresthatmatter, we collaborate with various MTD-compatible software providers to identify the perfect solution for your company.
Benefits of Going Digital
Transitioning to digital accounting software offers several advantages over traditional bookkeeping methods. Picture a scenario where you can:
1. Gain a real-time, clear view of your current financial position.
2. Manage your accounts entirely online, eliminating the need for software installations and ensuring automatic backups. Updates are free and instantly accessible.
3. Avoid upfront costs associated with accounting software, including upgrades, maintenance, system administration, and server-related issues.
4. Have your bank feed your data directly into your accounts daily.
5. Snap a photo of a purchase invoice with your phone, and watch it get automatically processed.
6. Access your financial results, outstanding receivables, payables, and business bank balance 24/7, 365 days a year, all from your smartphone.
Embracing digital accounting isn't just a necessity; it's an opportunity to streamline your financial processes and gain real-time insights into your business's financial health. Make the switch to a more efficient and convenient way of managing your finances with Making Tax Digital.
ABOUT US
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We are a professional and friendly bookkeeping company based in Leeds, specializing in outsourced accounting solutions. Our mission is to offer customized and cost-effective solutions to businesses of all sizes, including sole traders.
Our Approach
The foundation of our professional service lies in our deep understanding of your business. We recognize the time, effort, and stress that comes with meeting financial obligations in the business world. That's why we're here to provide reliable and effective bookkeeping support throughout the year, not just during tax season when filing returns with HMRC.
Reindustrializing Business Support
We're redefining the way we support businesses, leveraging technology to bridge the limitations of traditional methods. Our creative approach ensures that we are responsive to all your needs. We understand the importance of relevant data, which is why we work with real-time automotive technologies to add value to your business. At Figuresthatmatter we offer more than just bookkeeping.
Our Services
1. On-Site Bookkeeping: We can visit your office regularly, tailoring our services to your specific needs.
2. Off-Site Bookkeeping: Our cloud-based accounting software enables us to serve clients anywhere in the UK and beyond, providing flexibility and convenience.
3. Remote Service: We have the capability to work remotely, accessing your desktop through your server from our office.
Choose us as your trusted partner in maintaining your financial health and freeing you from the burden of financial management. We are committed to delivering efficient and effective solutions that allow you to focus on what you do best—running your business.
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