We are all digitally savvy in the main and business should welcome the opportunity to ditch archaic practices and embrace change.
The problem is some businesses are not even aware that new regulations will mean the following:
VAT-registered businesses with a taxable turnover above the VAT threshold will have to use the Making Tax Digital service. This means all records will need to be created and maintained digitally. They will also have to use software to submit VAT returns from 1 April 2019.
For some Digital Tax may well come as a shock.
However, with a little planning it should be an exciting opportunity to be a part of the new move to help people and businesses manage their tax affairs more efficiently. We have seen how much easier it is to manage so many aspects of money management in our personal and professional lives therefore Making Tax Digital should simply be the next piece in the financial jigsaw.
HMRC aims for high levels of efficiency, effectiveness and accuracy
HMRC would like to see itself as the most digitally advanced tax administration globally. If all goes to plan it will transform so many aspects of the legacy system we have been using for decades.
Grab the opportunity to innovate in your business
Every business would echo HMRCs aims to be more effective, efficient and accurate with process and records. At Zenza that echoes our own way of doing things and we are hoping those businesses resistant to digital accounting and bookkeeping will see this as an opportunity to update and benefit from less hassle. Our current clients who have already switched have all said how much easier their record keeping has become. Knowing Zenza will manage their VAT returns they are very confident about the future changes.
Vivienne Neale from VKN Digital Ltd told us:
“Having made the decision to employ Zenza to handle all aspects of my bookkeeping I no longer fret about what needs to be done or my incompetence when it comes to financial record keeping. I am a creative and I’d much rather concentrate on that if I am honest.
I switched my approach to bookkeeping when I hired Zenza and suddenly I had a much clearer picture of exactly how my business was functioning. In the past I had relied on retrospective accounting that wasn’t terribly helpful. I now use Xero, which is connected to the business bank feed and working alongside my dedicated bookkeeper I spend much less time on things I never enjoyed in the first place. Personally I think Making Tax Digital is overdue and I am really optimistic that it will improve HMRCs service and the whole process of filing accounts. Who wouldn’t want to see their business records and affairs up to date and more straightforward? Bring it on I say!”
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