Have you made the move to digital accounting records? Is your accountant talking to you about digital? Are you a cloud accounting package? If the answer to any of these questions is no, then you need to talk to us. Making Tax Digital (MTD) for Income Tax will require businesses to keep digital accounting records and submit quarterly returns to HMRC. These changes will apply to businesses, self-employed individuals and landlords with turnover over £50,000 from 6 April 2026. Those with turnover above £30,000 will be mandated to comply from 6 April 2027 and other businesses and landlords may be mandated later.
We have been on a digital journey will all our clients over the last number of years, helping them streamline the way they keep their accounting books and records. They are already seeing the benefits of maintaining digital records and will notice no change when MTD finally comes into force. If you haven’t moved your bookkeeping onto a digital package then contact us.
Just suppose you:
- Took a photo on your phone of a purchase invoice and it was posted automatically;
- Had a system where your bank fed your data directly into your accounts on a DAILY basis; and
- Could see your results, who owes you money, who you owe, and your business bank balance 24/7, 365 from your smart phone.
We can help you put in a cloud accounting package such as Quickbooks in place. Some of the benefits include:
- Having a clear picture of your current financial position, in real time;
- Put your books 100% online, so there’s no software to install and everything is backed up automatically; and
- Eliminating upfront accounting software costs– upgrades, maintenance, system, and administration costs are no longer an issue.
Please contact the accounts team at PGR Accountants on 02890788870 to discuss the advantages of a cloud accounting package, you will be amazed what a difference knowing your results in real time makes to your business!