Making Tax Digital

What Is Making Tax Digital?

Making Tax Digital is an initiative due to be introduced by the Government which will affect how businesses and individuals record, maintain and file their taxes with HMRC. This initiative comes into effect from April 2019 and will start with MTD for business above the VAT threshold of £85,000.

All businesses that are above the VAT threshold will be required to use MTD compatible software to keep records of each individual transaction (not summaries) and file their VAT returns digitally. HMRC plans to extend MTD for Income Tax and Corporation Tax from April 2020.

Making Tax Digital Software

The good news is that we are already prepared to help our clients as we have been using cloud based accounting software for over 5 years. Xero accounting software is compatible with Making Tax Digital and are included in our subscription plans.

We are never more than a phone call away from assisting you with your accounting needs. As Certified Xero Advisors, your TWB Accountant will provide full training on how to get the best out of the software and provide full support throughout the year.

Making Tax Digital Ready
Xero Certified
MTD compatible software included in our plans
Expert advisors on hand to help
Full training provided

Helping You Make The Transition

Is your current accountant still working with spreadsheets? Making a change to your record keeping processes can seem a daunting task, especially if you have a developed a system over many years that works for you. We are used to helping businesses transition from the traditional paper filing of receipts and spreadsheet accounting to cloud based accounting software such as Xero.

Even if you are currently using a different cloud based accounting system, we are adaptable to advise on how to make the switching process pain free. To learn more about how to make the switch to us and Making Tax Digital compatible software, simply contact us and we will do our best to help.

Frequently Asked Questions

We find it helpful to answer some questions up front. For further information simply fill in our contact form or give us a call.

What is the difference between accountants and chartered accountants?

Although unqualified accountants are subject to the same laws as chartered accountants, ICAEW Chartered Accountants are bound by their Code of Ethics and subject to their disciplinary procedures. TWB are Chartered Accountants.

Can I switch from my current accountant if they do not use Xero ?

We can migrate you from a different accounting software or advise on how to manage the migration process. We will also write to your current accountant for professional clearance.

Which online accounting software do you recommend?

Depending on the type and size of your business we will recommend the best software to suits your needs.

Are there any other costs that I should be aware of?

It depends on your current situation and if there are any extra services you require. Please get in touch to discuss your requirements further.

Embracing Technology

Technology is at the heart of our business and where possible we always look to introduce software and Apps that save our clients not only time and money but provide better insights into their business performance.

We also understand the importance of the human touch, which is why our accountants will always be on hand to help with your accounting needs. No live chats or automated messing systems, our business has been built on the quality of the service we provide and would love to welcome you on board.

Why TWB?

We get to know you: We’ll learn about what you do and understand the industry you operate in, ensuring we always meet your expectations and deliver the best accountancy support possible.

We take care of the numbers: You’ll no longer need to worry about sorting out tax bills and financial compliance for your business.

Great advice: Peace of mind is what we offer, knowing that you have the right adviser onboard pays dividends.

Market-leading accounting software: We provide access to Xero accounting software.

Speak to the experts

Get in touch today to find out more about our services and how we can help with your accounting needs.

Get in Touch