Is Your Business Ready for Making Tax Digital? Ask MTD Experts in London

Is Your Business Ready for Making Tax Digital? Ask MTD Experts in London

If you are a VAT registered business in the United Kingdom earning more than £85K, then you have to be Making Tax Digital compliant. This means that businesses over the VAT threshold now have to keep digital records of their tax and submit VAT returns via compatible software. The HMRC’s sole objective is to make it easier for individuals and businesses to get their tax right and keep on top of their affairs.

Some Important Points to Remember Regarding Making Tax Digital:

If you are a small business earning over the VAT threshold, then here are some important points to remember, and they are:

  1. Making Tax Digital is all businesses and landlords earning over the VAT threshold
  2. Making Tax Digital is compulsory
  3. You need to maintain all your financial and tax affairs digitally, using MTD compatible software
  4. You have to submit all your records to HMRC on a quarterly basis
  5. Making Tax Digital is time effective and saves you from unnecessary stress
  6. You will get a full report of all your tax information, entitlements, and liabilities, so you know exactly how much you owe at any point in time

As per the data available over the web, it can be easily concluded that hundreds of SMEs in the United Kingdom are still underprepared for Making Tax Digital, and they require more support from professionals who have a better understanding of MTD in order to become tax compliant. If your business falls in the same categories and if you still don’t have an idea about how to make your business MTC compliant, then here are tips by MTD experts in London:

Getting Your Small and Medium-Sized Business Ready for Making Tax Digital

Originally announced in 2015, Making Tax Digital (MTD) is an initiative by the UK Government and HMRC to make it easier and faster for businesses and individuals to record, understand, and file their taxes digitally. This section lists the steps on what you need to do next to make your business Making Tax Digital ready.

Keep Records for Making Tax Digital

HMRC has stated that a business can use spreadsheets in certain circumstances, but the spreadsheets that you use must be MTD compatible. HMRC will provide free software to businesses with straightforward tax affairs, but businesses need to maintain the records by themselves. The uploaded records will be then transferred to HMRC by bridging software.

Getting Ready for Making Tax Digital

There are 2 most important aspects that you need to consider to make your business MTD ready, and they are:

  1. Ensure you’re using software or apps that can integrate with HMRC’s Making Tax Digital system.
  2. Talk to your accountant about how they can help you prepare for Making Tax Digital.

What You Need to Do?

  • You need to keep a record of all your tax affairs digitally using an MTD compatible software
  • Submit tax data to HMRC quarterly using digital tools.
  • Offer a complete end-of-year position to HMRC using digital tools.
  • Work with your accountant to make sure everything is recorded and reported correctly

How Affinity Associates Can Help?

Affinity Associates is a reputable accounting firm in London that has a team of MTD experts to help businesses overcome the mix-up that they are facing because of Making Tax Digital. We are all prepared to provide a fully integrated solution for MTD. To learn more about how Affinity Associates can help you in making your business Making Tax Digital ready, please contact us for a free consultation at https://www.affinityassociates.com or give us a call at +44-20-8903-2077.

Highly Professional and Accurate Accounting Services for Small Business in London

Highly Professional and Accurate Accounting Services for Small Business in London

Based in London, Affinity Associates is the best accountancy practice that offers highly accurate and professional accounting services that follow all the tax legislation by the HMRC. With years of experience, we hold expertise in small business accounting services, which includes services such as bookkeeping, VAT preparation and filing, payroll services, and other taxation services. Our small business accounting solutions are performed by skilled and qualified bookkeepers, accountants and tax preparers with years of combined accounting experience. Our outsourced accounting services for small and medium-sized businesses in London, Harrow, and Wembley help our small business clients cut costs, save time, and improve profits.

Small Business Accounting Services We Offer:

  1. Bookkeeping Services for Small Businesses in London – We have a team of certified bookkeepers in London to offer highly accurate bookkeeping services. Our services help small businesses produce useful financial reports to make crucial business decisions. We are highly flexible with our services, and it includes activities such as data entry, record keeping, reconciliations, and reporting.
  2. Tax and Planning Services for Small Businesses in London – Our tax preparation and planning services in London are committed to making the everyday life of a small business owner frustration-free during the tax season and throughout the year. Our tax planning services can help small find applicable tax credits, deductions, and tax plan to reduce your tax bill.
  3. Accounting Services for Small Businesses in London – We are highly acclaimed for our accounting services in London. Our accountancy services for small businesses in London can keep your business going, while we take care of all the tasks related to accounting. Our complete package of accountancy services includes consulting, preparing, filing and/or reporting on the accounting specifics of your business.
  4. Financial Planning Services in London – Our financial advisory services in London help small businesses grow wealth through financial planning, investment management, wealth management, retirement planning, and exit planning. For years, we have helped countless businesses in London and across the UK attend financial stability.

Top Reasons to Choose Our Small Business Accountancy Service

When you hire our services, you will receive personalized accounting and bookkeeping services along with useful guidance for improving your business. Here are some of the most common reasons why you should choose our accountancy services in London, and they are:

  1. First-class Service – For years, we have been offering small business accounting services, and professionalism is always at the core of our services. Being a true accounting partner to our clients, we strive to offer highly reliable services at every point of time. We don’t just do the grunt work, instead, we help our clients make decisions based on their unique financial requirements, which is the true value of our accounting services.
  2. Modern Technology – We love to stay UpToDate with all the latest trends, especially new software, in the industry as it allows us to offer highly accurate and efficient accounting services to our clients. There are plenty of accounting firms across the UK that still depends on outdated technologies, which result in higher costs to clients. Our office is equipped with the latest technology so that simple tasks can be automated that reduce the cost of services to our clients.
  3. Flexible Contracts – We are highly flexible with our services and hiring packages. We have teams and services to accommodate the necessitates of small to large businesses in London and across the United Kingdom. We do not believe that a long-term contract is necessary to do this for a long-term relationship.

Contact Us Today

Affinity Associates is a leading firm for small business accounting services in London and across the UK. We position our small business clients for success via professional accounting and tax services accurate bookkeeping services, and other taxation services.

To learn more about our services and how it can help your small business grow, please contact us at https://www.affinityassociates.com. For a free consultation and a non-objection quote, please call us at +44-20-8903-2077 (London).