Making TAX Digital
Are your current book-keeping processes digital? If not we can help you transition to digital accounting records.
Why is this important?
Making Tax Digital (“MTD”) is a key part of the UK Government’s plans to become one of the most digitally advanced tax administrations in the world. Making Tax Digital makes fundamental changes to the way our tax system works and it has already been introduced for VAT and plans are in place for MTD to be introduced for Income tax and Corporation tax in the coming years.
In short, MTD means businesses and landlords will need to use compatible software to send tax returns digitally.
Here at Farrell & Farrell we are ready to help guide you along this transition, whether we undertake your book-keeping or just simply provide advice we will be by your side. MTD is our new way of working and it isn’t going to go away so we all need to embrace it in our business processes.
The objective is HMRC want businesses and landlords to report income and expenses in real time, so reporting four times a year instead of once a year will add an additional burden on your team on top of the purchase of compatible software. Our Farrell & Farrell MTD team can help you navigate the changes and select what is best for your business whether you choose to operate in-house or out-source to our team.
We at Farrell & Farrell are your extended support system in all aspects of your business’ life cycle. From book-keeping services, management accounts, debt funding, grant assistance, financial accounts preparation, audit services, taxation & VAT compliance and personal & business tax planning, succession planning, restructuring, ... Your business is the focus of our business.
Ring today on 028 406 30876 to see how our team can help - Farrell & Farrell Chartered Accountants, Hilltown, Newry, Co. Down.