We'll take you through everything you need to do to get the most from
the new way that HMRC is bringing tax into the digital age
Callan offer everything you need
to ensure that Making Tax Digital
works for you
Making Tax Digital changes the way all businesses in the UK keep their VAT records and submit their VAT returns.
It’s the biggest change to VAT in decades. From 1st April 2019 all businesses will be required to fill their VAT returns digitally. This replaces the current method of filing via the HMRC website.
What is ‘Making Tax Digital ‘?
Making Tax Digital is the new way to submit your VAT return and is the start of a long-term change by the Government that will lead to a fully digital tax system. Almost all VAT-registered UK business will be affected.
In tandem with the introduction of Making Tax Digital are changes to the penalty regime for late VAT submission. Therefore it’s important that businesses are ready for this new way of working.
At Callan, we’ve been guiding our clients through everything that’s involved in the change to Making Tax Digital. We can help you too. We offer secure cloud-based account services that allow you to have better control of your business finances. These systems help make you more efficient. They allow you to see a clear picture of where you are and help you to make better decisions, quicker.
We’ve been working with market-leading software providers such as QuickBooks, Xero and Sage for the last 2 years to organise and prepare for this transition. We’re a QuickBooks ProAdvisor and can help you get up and running with Making Tax Digital.
Get QuickBooks and Sage FREE for 6 months
Right now we’re offering QuickBooks and Sage One free of charge for 6 months if you’re a new Sole Trader, Partnership or Limited Company client. At the end of the 6 months the price would be £6.99 plus VAT per month for basic bank feed access, £9.99 plus VAT per month for non-VAT registered companies using package to raise sales invoices and £14.99 plus VAT for VAT registered businesses with full package and multi user access. Give us a call to find out more about how QuickBooks and Sage can benefit your business. You’ll also get Receipt Bank for as long as you’re our client completely free of charge. This is subject to a monthly standing order being in place for accountancy services. The package available are the full packages retailing at £27 from Quickbooks and £24 from Sage one so represents a significant saving over direct purchase.
Making Tax Digital might seem to be another layer of complexity that your business will have to add to its workflow. In reality, it does offer some real advantages to the way you work.
Making Tax Digital advantages For example, using Receipt Bank – the must-have application for any business no matter the size – you can copy any receipt automatically. Receipt Bank then extracts the information you require with no need to input anything.
Callan Accountancy can then process the information into your chosen package. The beauty of this system is that it also keeps a copy of the receipt, meaning you don’t need to keep boxes of receipts.
Cloud-based accounting offers big benefits to your business. You get real-time financial reports that are clearly laid out and easy to understand. The software is user-friendly and easy to use. You see your important financial information at a glance and it’s paperless so things don’t get lost. You can also access your information from your phone, tablet or PC 24/7 from anywhere in the world that has an internet connection. Advanced security is built in.
So what do you need to do to make tax digital?
At its simplest form, all you need to do is connect your bank to the software you choose (such as QuickBooks). This is easy from inside the software, and your bank will send the information to the software. This is all part of the HMRC long term goal for all businesses to report digitally.
We view this as a positive move as it makes things more organised and seamless for the client. It also gives complete transparency between the accountant and the client.
Your business can enjoy real benefits from going digital. You’ll save time and be able to make better-informed decisions much faster than before.
We’ll take you through everything
We are a Glasgow based full-service accountants and we offer a free initial meeting or phone call to discuss how you can ensure you are Making Tax Digital compliant. We’ll ensure that you know how to get the best out of the new way of working. Why not give us a call on 0141 204 0930 to find out more?
The way we work, works. Are you ready to find out more?