From April 2019, all VAT-registered businesses in the UK with a turnover above £85,000 must use a digital tax system for submitting VAT returns using Making Tax Digital compliant accounting software.

This new digital tax regime will be extended to all business below this threshold from April 2022 and will be followed with a further roll-out to those who report income via self-assessment in 2024 for the self-employed and landlords with gross property of business income of £10,000 or more.

General partnerships will also be required to follow these rules from April 2025, following by other partnerships at a date that is yet to be confirmed.

Both businesses and individuals must, therefore, be prepared for these changes and remain compliant.

Thanks to the software solutions we use, such as Xero and FreeAgent, it has never been easier to record and report your financial affairs, but there are many other benefits to using cloud accounting, which include:

• 24/7 support from a professional
• Collaborate in real-time with colleagues and trusted advisers
• Cost-effective
• Faster and more efficient than paper-based accounting
• Integration with helpful apps
• Smart and organised
• Work anywhere and at anytime
• World-class digital security.

Our cloud accounting services are cost-effective and technology-driven to truly add value to the wide range of businesses we work with.

To find out how you can take advantage of our cloud accounting solutions, such as Xero and FreeAgent, why not contact us to arrange a demonstration.