HMRC’s vision to digitalise the UK tax system is well underway. VAT registered businesses with turnover above £85,000 will be required to use compatible software to maintain their records and to update the taxman quarterly, starting from April 2019.
A recent survey has revealed that 40 per cent of small businesses are looking for guidance when it comes to preparing for this new digital world.
It may seem like a minefield but help is available when it comes to digital tax advice – and making sure you have the systems and processes to meet the challenge and the switch-over can even help when it comes to running your business.
In anticipation of the changes, here at WNJ we have partnered with business software experts Sage.
The result is a comprehensive software and support package that is compliant with the HMRC requirements and which also allows businesses to gain from the many functions it offers. There is a lot to it.
Sage allows easy invoicing, including quotes, estimates and statements – all you need to do business and get paid.
You can track what you’re owed so you can see how much each customer owes at -a-glance and chase overdue balances.
And it allows you to bank securely and accurately. It is also time-saving, bank transactions effortlessly flow into Sage One and can be automatically matched to your invoices.
The software also produces reports such as profit and loss, balance sheet, trial balance, and more – these are ‘clever reports’ that empower business decisions.
It also takes care of VAT when it comes to calculating and submitting returns, giving confidence with compliance.
And its functions include the ability to produce cashflow forecasts that will allow businesses to plan ahead.
Access to invoicing and expenses apps mean you can work at the office, at home or on-the-go on your computer, tablet, and phone – whenever you need it.
And the package can also help speed up sales and purchases, and calculate profit.
There are free webinars available for clients to get the most out of the software and users also have access to a 24/7 helpline.
WNJ will also be hosting a series of seminars over the next year to give clients a further insight into the potential benefits and capabilities of Sage.
To discuss the software available and any aspects of the government’s digital tax drive, please call me on 01772 430000.