Digital Tax

Making Tax Digital (MTD) is an HMRC initiative that will revolutionise the UK tax system and ultimately bring an end to self-assessment.

The changes apply to a wide range of taxpayers, including most businesses, self-employed professionals, and landlords. This ‘new and improved’ tax system will require the majority of business owners to maintain digital records using compatible software.

The primary aim of Making Tax Digital is to make tax administration more effective, efficient, and easier for taxpayers through the implementation of a fully digitalised tax system by 2020, whilst also reducing HMRC’s overheads for managing tax affairs.

Effective
Tax recording will be more accurate, providing fewer opportunities for errors, miscalculations and fraudulent activity.

Efficient
The process will be faster and more automated for businesses, accountants and HMRC, helping them save valuable time.

.. and therefore, much easier
With the right software, Making Tax Digital will make it easier for small businesses to record and file their tax returns online.

OUR DIGITAL PARTNERS

Making Tax Digital for business (MTDfb) begins 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.

Chorus Accounting - Xero

Xero

Preparing for digital tax starts with managing business accounts online – it makes the transition smoother and business more efficient.

Xero is Britain’s leading online accounting software, and over 1 million subscribers around the world use Xero save time and get paid faster.

Having consulted with HMRC on Making Tax Digital, Xero is committed to supporting small businesses and their advisors through the transition.

Chorus Accounting - Quick Books

Quick Books

QuickBooks is an accounting software package developed and marketed by Intuit.

QuickBooks products are geared mainly toward small and medium-sized businesses and offer on-premises accounting applications as well as cloud-based versions that accept business payments, manage and pay bills, and payroll functions.

Chorus Accounting - Receipt Bank

Receipt Bank

Receipt Bank makes keeping track of your receipts and invoices, simple, turning bits of paperwork into data you can use.

Receipt Bank integrates seamlessly with the leading accounting, payroll and payment software on desktop and cloud, so you can build an end-to-end solution to suit any business.

Chorus Accounting - IRIS Snap

Iris Snap

An app led service that will solve that age old problem of clients swamping you with big bags of receipts.

Working digitally - an end-to-end process. IRIS has created a seamless process that eliminates paper documents. From you initially entering data into their online bookkeeping software, to your eventual submission of their accounts and tax returns.

Chorus Accounting - Kash Flow

KashFlow

KashFlow small business accounting software has been designed to save you time and effort by letting you manage your accounts on your terms anytime, anywhere.

With inbuilt features enabling faster payments, compliant tax filing & less time spent on bookkeeping, it’s no wonder so many UK small businesses and sole traders choose KashFlow’s accounting software.