MTD is the biggest change to the administration of tax since the invention of PAYE in last century.It will affect all tax payer individuals and businesses in the UK.It will change the way businesses keep their accounting records and reporting to HMRC.It will also change the accountant and tax agent services.
Entrepreneurs including self employed individuals must keep digital accounting records.There will be rules what these records must include.
They must update HMRC with their income and expenses quarterly through digital software to comply MTD.Businesses can adjust capital allowances annually.
All business or individual with business or rental income exceeding £10,000 will come under the ambit of MTD from April,2018.So think about your business or rental income and think about to migrate to cloud accounting solution to discover the benefits of having up to date accounting records.
So if you are using spreadsheet or manual record think about using the cloud software to make your life easier as you don’t have to struggle with digital accounting records.
If you are planning to use digital software that meets your future MTD requirement, to select the appropriate software or how to transfer data or set up chart of accounts in new system, you need to speak experienced accountant or bookkeeper.
If you need further advice, please don’t hesitate to contact us.Our email is: Info@pyramidpointlimited.co.uk or call +44(0) 7902 130 748
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