7th June 2018
THL Top 10 Benefits to Cloud Accounting
Filed Under: Accounting, Tax
With the Government’s plans to Make Tax Digital (MTD) by 2019, quarterly submission will be required to be filed using some form of software.
From April 2019, businesses with a turnover above the VAT threshold will have to keep digital records for VAT purposes and from 2020, businesses may be asked to keep digital records and update HMRC quarterly for other taxes.
In preparation for when the new regulations are fully introduced, online/cloud accounting software is propose as a solution for small and medium-sized businesses. Cloud accounting software, such as Xero, increases efficiency, offers a range of features and many more benefits.
Our Top 10 Benefits to Cloud Accounting
- Easy to use
- Access to multiple users and set permissions
- Automatic software updates
- Save time with automation
- Works from anywhere with an internet connection
- Value for money
- Up-to-date data
- Collaborate easily with your accountant
- Performance reports for your business
It is worth noting that HM Revenue & Customs currently have no plans to provide a free software for Making Tax Digital.
For further information regarding Cloud Accounting please contact our Accounts Manager Laura Clark .
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