Regional accountancy firm explains how and why companies need to file their taxes digitally
PUBLISHED: 09:32 28 November 2018 | UPDATED: 10:38 28 November 2018
A leading regional accountancy firm has warned that businesses need to act now to start the process of moving their VAT returns onto software.
Making Tax Digital, the government’s information campaign to get companies to file their taxes digitally, can be simple to implement and will have positive effects on businesses, according to Larking Gowen, which has eight offices spread across East Anglia.
“Larking Gowen is Making Tax Digital ready and fully accredited for two of the leading software packages, QuickBooks and Xero,” said Martin Bugg, manager of the firm’s Norwich office.
“As a Platinum Partner with QuickBooks, we have a very good working relationship with them and excellent support for all our clients.
“Part of that support is providing our clients with the newly released Welcome Hub for QuickBooks online which provides free up-to-date training and support on the software together with an email series of training material.”
Larking Gowen claim to be one of only a small number of firms in the UK to offer this support and content free of charge to its QuickBook clients.
By April 1 2019, most VAT registered businesses in the UK must submit VAT digitally, and by 1st April 2020 other businesses need to get on board.
“With our help, getting the software and transferring your company data onto it can be a straightforward process,” said Mr Bugg.
“We start with a conversation to find out where any difficult issues are, and where efficiencies can be made. We can then recommend the software package that is most appropriate to your business.”
In a ‘one-stop shop’ service, Larking Gowen can then convert their client’s data into the software and provide training, if required, using the client’s own data.
Once the client is set up, they can receive ongoing support and checks if they require to make sure they are using the correct VAT codes in each part of their return.
“Making Tax Digital is something all businesses have to come to terms with, but it delivers a number of positives which make the process worthwhile,” said Mr Bugg.
“By using MTD, you are in effect buying your time back. The time savings you make can be used to generate more income for your business.
“In addition to this, you have the benefit of seeing your business in the here-and-now rather than historically, which is a great benefit to decision-making. You can get your accounting data on the move, either on a phone or tablet.
“My clients can see the impact of any business decision much more quickly, and can follow up or reverse it as necessary.”