Cloud Accounting and Making Tax Digital Compliance

The introduction of Making Tax Digital (MTD) in 2019 means all companies with a turnover above the VAT threshold (currently £85,000 per annum) will have to:

  • Keep their records digitally
  • Provide their VAT information

The extent of change that MTD brings is dependent on how your business currently maintains accounting records.  It is perfectly possible to meet the upcoming requirements using accounting software that is not cloud enabled.  However, for smaller businesses who have not yet adopted digital records in any form Cloud accounting packages maybe the solution. Cloud versions of many popular accounting packages such as Sage and QuickBooks are already available.

The functionality will be largely familiar, the key difference being, the software is hosted remotely with data being sent to “the cloud” to be processed and stored. With cloud systems your accountancy package is no longer installed on your computer, rather, you will access it online.

Key benefits of cloud accounting

  • Data and software is accessible online anytime, anywhere, from any device.
  • Monthly subscription charges spread the cost of your accountancy software.
  • Storing data in “the cloud” is secure and regularly backed up by your provider. No more hard-drive back-ups required.
  • You can get real time information meaning we, as your accountant can review information and provide immediate advice if required. We can even take over some functions for you directly onto your system. The sky’s the limit!

Read HM’s Factsheet on Making Tax Digital

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