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Making Tax Digital for Business

Making Tax Digital for Business


Millions already do their banking, bill paying
and much more online – going digital with your business records is the next step. Keeping
business records digitally will help you get your taxes right and avoid mistakes. It’s
easier than you think, too – there are even useful mobile apps for keeping your records
while you’re on the move. Keeping business records digitally makes things a lot simpler
for many businesses – you can see at a glance what you’re spending, while some software
and apps will create invoices that can be automatically stored so you don’t have to
do the same work twice, giving you more control over your business and your finances. You can send
HMRC a summary of your records online and they’ll give you a tax estimate based on
the information provided – all at the touch of a button. And depending on the app or software
you use, you may be able to send other tax information, meaning you might not have to
complete a Self-Assessment tax return. If you’re self-employed as a sole trader with
a single trade, or if you’re a landlord, or perhaps both, then you can sign up to the
Making Tax Digital income tax pilot and enjoy the benefits now. You can find out more about
the software that’s available now, and how to choose the right product for you, by visiting
GOV.UK. If your business is registered for VAT and your turnover is above the VAT registration
threshold – that’s currently £85,000 – you’ll have to keep records digitally
for VAT purposes and send HMRC updates from April 2019. If you use an agent, talk to them
about getting ready for Making Tax Digital for Business. If you already use an app or
software to keep your records, talk to your software provider about when their product
will be ready for Making Tax Digital for Business so you can join the pilot. Thanks for watching.

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