Tom Geraghty & Associates provides chartered accountancy and business advisory services to small and medium-sized enterprises. Based in Newark, Nottinghamshire, we deal with clients of all sectors.
Making Tax Digital is part of the government's long term aim to make the collection and recording of company taxataion more efficient. They intend to better utilise tax records by using real-time data and having a single financial account where all tax liabilities will be held in one place. You can find more about making tax digital on the HMRC website here.
HMRC have made it clear that to comply with this new legislation businesses will be required to keep their records digitally. Records must be kept on a cloud-based software, therefore records held on Microsoft Excel spreadsheets will not be compliant.
To help our clients achieve this, we have partnered with two major cloud-based accounting software providers, Xero and Quickbooks. Please take a further look at these software programs in our bookkeeping services here.
If you are VAT registered you must comply with Making Tax Digital now. This initiative officially began on 1st April 2019.