Written by Director, Huw Moseley:
If your business is likely to turn over more than £85k (the VAT threshold) this year – you need to know that it’s unlikely you’ll be able to use HMRC’s free online VAT filing service from April 2019.
There are no plans to update this free tool in line with Making Tax Digital (MTD) compliance, which means you’ll need to find a new and compliant way to file your VAT returns. So now is the time to start planning how you will manage your VAT reporting going forward…
Our recommendation is to use popular cloud accounting software such as Xero and Quickbooks which are really helpful tools that can help you manage your finances and stay compliant with VAT requirements.
Here at Link Accounting, we’re big advocates of these types of tools as they don’t just save you time and money – they completely transform your accounting practices. Online software gives you instant access to your bank feeds and your financial information. This goes way beyond basic bookkeeping and provides you with real-time data and reporting on your cashflow and invoicing.
And from a practical point of view – there’s no need to install and run applications on a desktop computer, so you can have anytime, anywhere access (via Apps on your phone, if that’s your thing). You also pay for the software by monthly subscription (rather than in one lump some) so you always have access to the latest version of the software, and support – from as little as £5 per month (up to £27 per month).
We specialise in helping you get set up and comfortable using this kind of software, but don’t just take our word for it:
“At the age of 70, Huw asked me to consider using his software to do my business accounts. Being a dinosaur, I rejected this for a number of months on the basis that my spreadsheets were the best way of doing things. I relented one day last year to try it out with him and have never looked back. The software is so easy to use and I can get any reports I want immediately, on my phone or laptop. Huw was always available via phone for the very few questions I had in the first month and since then I have never looked back. I would heartily recommend this way of dealing with accounts, especially with Link Accounting.”
Would you like a demo to see how easy it is? If you like what you see we can get you up and running within hours so you can head into YE Mar 2019 with all the cloud accounting tools you need to make it your most efficient, profitable year yet…