The HMRC requirement to Make Tax Digital starts in April for most VAT-registered businesses.
Your business could benefit from this requirement if you redesign your bookkeeping, accounting, and management information processes in such way that you take advantage of the facility to automate much of the day-to-day bookkeeping work, and you get your accountant to prepare custom-made management accounts templates within your cloud-based software. You will then have accurate financial data and information on which to make business decisions.
The next step for ad+ Chartered Accountants is schedule quarterly review meetings with you to check progress against your business and personal goals. The quarterly management accounts we produce for many of our clients ensure the meeting is based upon solid results, including recommended provisions for tax and other foreseeable liabilities.
Most business owners based around Glasgow and Lanarkshire want to keep their finances under tight control, and our quarterly accounts and discussion process is the ideal way to make that happen, even when diaries are packed. This is a priority event for every business owner.
The ad+ team has advised many clients on Making Tax Digital. We’ve helped them convert or upgrade software systems, we’ve provided one-on-one training on cloud-based software, such as Xero, and we’ve created custom-made management accounts templates that give owners exactly the information they need. So far, we’ve advised owners within retail, hospitality, e-commerce, construction, road haulage, and a wide range of other sectors.