We’re Making Tax Digital ready

We keep your business Making Tax Digital compliant.

Making Tax Digital bookkeeping services

Making Tax Digital is designed to make it easier for businesses and individuals to stay on top of their finances and make sure they pay the right amount in taxes.

It’s part of the Government’s wider ambition to make the UK “one of the most digital advanced tax administrations in the world” so that the tax system is easier for taxpayers while being more efficient and effective.

The benefits Making Tax Digital delivers mean that it’s worth making sure that you and your business get on board with the new system as soon as possible.

The best way to do this is by using a cloud accounting system for your company. It’s much easier and less time-consuming that manual records or integrating bridging software to make sure that the internal spreadsheets you use to keep track of your business finances is compliant with Making Tax Digital.

Welcome to The Business Bookkeeper.

If you don’t currently use cloud accounting software or you want to move to a new system, we recommend and work with Xero. Let us know about your business and we can help you get set up on Xero and any additional Xero add-on’s most suitable for you.

Everything we do for you will be fully Making Tax Digital compliant. And, as our client, we’ll make sure that you’ll always be best placed to take full advantage of the new opportunities that Making Tax Digital has to offer.

We work with businesses in London and around the UK. We make sure that your business’s books are always accurate, reliable, and up-to-date. Let us do the work for you so that you have more time to focus on what you’re best at – running your business. To find out more about our service, please call us on 020 3137 6565 or send us a message.

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Are you ready for the future of Making Tax Digital?

Eventually, HMRC expects that all personal and business taxes will be collected using the Making Tax Digital system. This change will be the biggest change to the tax system in hundreds of years and, as part of its roll out program, HMRC are extensively testing each new addition to the system before it goes live.

As Making Tax Digital grows in scope in the coming years, we’ll make sure that you’ll always be in a position to benefit from the advantages this new method of tax reporting and collecting has to offer.

Making Tax Digital and VAT

Making Tax Digital for VAT started in April 2019. On your VAT returns, you need to submit the following financial data:

  • adjustments to returns

  • daily gross takings (DGT) for businesses using the retail VAT scheme

  • purchases of assets you can reclaim tax on for flat rate VAT scheme users

  • rate of VAT you charged on supplies made

  • reverse charge transactions

  • rime of supply (tax point)

  • supplies made or received on behalf of your business by employees

  • value of sales made and total output tax on purchases for gold traders, and

  • VAT on supplies made and received

As a Business Bookkeeper client, we take care of all of the above for you ensuring that your VAT return is submitted to HMRC as soon as possible. We are certified advisors for the Xero online bookkeeping platform which is Making Tax Digital VAT compliant.

Want to know more about Making Tax Digital?

We understand that such a significant and ongoing change to the way you report and pay tax can be stressful particularly if you’re comfortable and familiar with the current way of doing things. However, Making Tax Digital is not a change any business owner should worry about – in fact, it will make your life easier.

If you want to discuss what Making Tax Digital means to you now and over the coming years, please feel free to call us for a confidential discussion on 020 3137 6565.

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Benefits of being Making Tax Digital ready

Less paperwork

As Making Tax Digital is fully online and all of the major online bookkeeping software packages are fully integrated with it, there’s no need to store masses of documents, receipts, invoices, and bank statements in your office. And, when you work with us, all of your important financial information is immediately available for you to review.

Fewer and more spottable mistakes

The reason why so many people and business owners fear filling in tax returns is that they’re often very complicated. Did you know that VAT mistakes cost HMRC £3.5bn every year and that they investigate companies suspected of making mistakes? We update and correct the manual entries you input into your bookkeeping system meaning that you’re fast less likely to make an over- or underpayment in tax.

Real-time information on tax

With your online accounting platform and the work the Business Bookkeeper does for you, you’ll know how much tax you’ll owe and you’re accruing on an ongoing basis.

Time to raise the money required

And because you’ll be able to see in real-time how much you owe, you’ll have the time you need to raise the funds necessary to make payment in full to HMRC. As our client, you’ll be subject to no nasty and unexpected tax surprises meaning that you won’t have to rush around trying to raise money at the last minute.

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Your Making Tax Digital bookkeeping service

To find out more about how we can prepare you for Making Tax Digial, please call us on 020 3137 6565 or email us to get in touch.