The UK’s tax system is about to get a shake down.
Get up to speed with our simple Making Tax Digital Guide.
We admit, anything with the word tax
But Making Tax Digital (MTD for short) is set to be a game changer.
getting rid of bureaucratic form filing and reducing avoidable mistakes
replacing slow, error-prone systems with something fast, reliable and modern
making tax reporting simpler, so you can get your tax right, first time
Who will MTD impact?
HMRC are progressively rolling out Making Tax Digital, starting with MTD for VAT. If you are VAT registered and have a taxable turnover above the VAT threshold (currently £85,000) you will need to:
- maintain your VAT records digitally
- file yourVAT returns quarterly using HMRC-recognised software
After April 1st, you will no longer be able to manually complete a paper-based VAT return, or complete a return online at the HMRC VAT portal. You will need to start following the new rules from the beginning of your first VAT period starting on or after 1 April 2019.
If you’re an inniAccounts client…
Don’t worry, it’s all in hand. Our award-winning online accounting software is now ready for Making Tax Digital and approved by HMRC.
What do I need to do?
Despite all the confusion surrounding Making Tax Digital, it’s not as scary as it sounds. All you (or your accountant) need to do is record your financial records and submit your VAT returns using functional and approved MTD-ready software.
So, I have to submit 4 returns a year?
Sounds like a hassle, right? Thankfully, that’s not the case. If you’re already using online software to manage your finances, you probably
Will MTD just make more work for me?
Quite the opposite! With all your accounts kept up to date with real-time accounting software, such as inniAccounts, and with a lot of your admin automated, submitting your data to HMRC should be as simple as checking it over, confirming nothing’s missing and hitting send.
Want to see how easy submitting a VAT return can be?
Try a demo of our software for free and see why our clients love it.Get your demo account
Making Tax Digital will make tax easy
‘If you aren’t using bookkeeping software of some sort already, then now really is the time to embrace it. It might be scary, but I expect once you’re in, you’ll never look back.’
– Paul Nicklin, Technology Director at inniAccounts
MTD doesn’t need to be just another obligation
This is your opportunity to streamline your accounting and business management. Keeping digital records lets you keep a better track of tax-due and repayments owed. Never worry about your tax bill again. Budget and plan with complete visibility of your finances.
Get your tax right, first time and save on the hassle
Many businesses make mistakes inadvertently which can lead to pricey penalties. By reducing manual data entering and introducing quarterly reporting and software that provides a real-time view of your finances – these costly mistakes are far easier to detect.
The future of tax is digital, get prepared now
MTD isn’t just a case of companies staying compliant; it’s a way to elevate how your company works by automating its processes, saving more time and gaining better control of your most important information. Get a full picture of your tax affairs.
MTD is a great opportunity to streamline your accounts and make life easier with great softwareLearn more
If you’re unsure about MTD…
Make sure you go for a provider that supplies excellent support. Such as our Practice Excellence award-winning team.
Our MTD-ready software:
As an inniAccounts client, you’ll be MTD ready from day one.
- Sends VAT returns to HMRC with one click
- Records all your business’ finances digitally (and securely)
- Links your business and VAT information to all your transactions and compiles your data from your day to day bookkeeping in the inniAccounts software
- Reminds you when your VAT return is due and supplies your VAT data directly to HMRC
- Offers complete visibility of VAT return status
- Automatically calculates the VAT you owe and updates your financial status in real-time, so you always know how much cash you have available and never overspend
‘For our accountants, Making Tax Digital will remove even more of the mundane manual tasks. They’ll be able to focus on developing and building the skills that add value to our customers.’
– Matt Poyser, Client Experience Director at inniAccountsExplore our software
As well as being MTD-compliant inniAccounts makes managing your business a breeze so you can focus on what matters; earning and enjoying your cash.
- Quickly see your financial status with our unique LiveCash feature
- Get real-time tax forecasts so you never have to worry about your tax bill again
- Track time, expenses and mileage and quickly add to client invoices
- Manage every aspect of your business on the go with our intelligent mobile app
- Benefit from a dedicated account manager who’ll provide essential advice and take the time to get to know you
“The inniAccounts software is robust and intuitive. I like that I have the information about my company accounts at my fingertips. I can see my up-to-date bank balance anytime; so I know exactly what money I’ve got to spend. Behind the scenes, the software takes off your company tax and VAT to give you an accurate figure of your finances so I can see what I can and can’t do financially.“
Lee Bailey, IT Consultant, UK
Try before you buy. Get full access to our online software.
See for yourself what all the fuss is about.Get your demo account
Frequently Asked Questions
Are you Making Tax Digital ready? Get yourself prepared with these five easy steps
With the deadline fast approaching, we’ve compiled five quick and easy steps to make sure your limited company is MTD ready.
Cloud-based accounting is ideal for contractors
With the right tools at your disposal, managing your accounts has never been simpler. What advantages does cloud accounting offer and are there any pitfalls?
Is your accountant ready for the digital future?
Now’s the time to review your existing accounting software and decide if you need to upgrade or go looking for a new system.