Making Tax Digital is just around the corner and from April 2019 businesses will have to keep all records digitally, but will this be good for businesses?
The first reason why MTD will be good for businesses is that you will be able to keep up to date with how much tax you will be having to pay annual. Being able to do this mean you and your business will be able to manage and plan money flow.
By using an accounting software, it will mean you are less likely to make mistakes. Making mistakes with money is never good for a business so submitting with MTD will give your accountant more time to help improve your business rather than fixing mistakes.
You will save time. Submitting with MTD will save you a lot more time because using software like Swift Vat Pro is a quicker way of submitting date.
Making Tax Digital is about helping your business keep up to date, so by keeping up to date you are less likely to forget about and to claim business expenses. With software like Swift Vat Pro uploading business expenses has never been easier.
If everything is kept up to date you will be able to view real time figures and see how your business is performing. View how much has been paid for VAT, keep on top of your client’s VAT MTD position by retrieving VAT payments and liabilities directly from HMRC.