Making Tax Digital
The first deadline is 6 months away
Making Tax Digital for business (MTDfb) begins in six months, on 1 April 2019 with MTD for VAT. From that date, VAT-registered businesses above the threshold of £85k will have to keep digital records and submit VAT returns using compatible software. With the deadline fast looming it is imperative that small businesses do not get left behind.
Current statistics suggest that up to 65% of UK small businesses are not yet using suitable accounting technology to move them into the digital age. Furthermore, and indeed significantly more worryingly, research from Intuit has found 44% of accountants admit to not knowing much about MTD, while 30% admit to knowing little, or nothing at all.
The benefits of going digital
In simplistic terms, cloud-based accounting allows small businesses to be paid faster via means such as mobile invoicing, automatic reminders and online payments. It also provides the opportunity to automate bank transaction imports, reconciliation, payments and much more. Of course, with digital accounting anyone can quite literally run their business from the palm of their hand with the easy-to-use Xero app. Being able to access real time information in an easy to use format will keep business owners better connected to their finances and will allow for a better informed and speedier decision-making process.
With live data held securely in the cloud, not only can our clients access their accounts from anywhere at any time, but so can we. We embrace using the latest technology, providing our clients with the very best service available to them. We have partnered with Xero, who have always stood out against the rest, as providing a user friendly, intuitive cloud-based accountancy platform.
Our partnership with Xero
After being partners with Xero, the global market leader in online accounting software for over five years, we are pleased to announce that we have recently achieved Platinum Partner status.
Platinum status has been achieved as a result of the high volume of clients Garbutt + Elliott have already helped transition from traditional accounting to cloud-based accounting, as part of our strategic direction to offer a cloud-based accounting solution to our clients, ahead of the Making Tax Digital deadline.
Our partnership with Receipt Bank
As one of the 600 plus add-ons available through Xero, we have chosen to partner with Receipt Bank due to their user-friendly and intuitive interface, making it the best choice for our clients. The partnership with Receipt Bank means that we can offer even more added value to our clients. With a simple snap, businesses can instantly scan their receipts, which then go through a data extraction process via Receipt Bank. It is an excellent, hassle free way for clients to transform their paper documents directly into data in their accounting, via app or email, eradicating the need for manual data entry. The simplicity and ease of the process means that we can free up significantly more time for engaging with clients, meeting their other needs and helping them achieve their business goals. Removing the requirement of manual entry and by increasing automation, our clients are not only able to shave hours off their admin time, but also increase the accuracy of their records giving them greater confidence in their decision making.
Your next step
Please feel free to contact us for advice on how to help you make a smooth transition from traditional accounting to cloud-based accounting. Whether you are a small or large business or currently a client or not, we are able to help you get set up before the deadline and are here to answer any questions that you may have.