What happens if I don’t have a virtual accountant?

Making Tax Digital (MTD) is just around the corner. With HM Revenue & Customs (HMRC) pushing to increasingly digitise the UK’s tax system between now and 2020 – and many businesses now expected to be MTD-compliant by April next year for VAT purposes – virtual accounting has never been more important.

From 1 April 2019, all businesses with a turnover above the existing VAT threshold of £85,000 will need to begin sending quarterly digital reports to HMRC. This will require using MTD-friendly software and being fully up-to-speed with the process of migrating financial information online and managing it via a virtual accounting package.

The virtual accounting packages supported by AGS can allow you to access your key financial information in real-time, simultaneously with our team. This powerful software can also enable you to automate processes such as generating invoices and easily storing and collating receipts and business expenses.

Naturally, if your business is not already taking full advantage of a virtual accountant, it makes sense to get to grips with digital sooner rather than later – before MTD for VAT is phased in from next year.

Due to this, we are encouraging VAT-registered businesses to make the move to a virtual accounting package now, in order to prepare for 1 April 2019 in good time.

As it is widely anticipated that similar requirements will apply to other taxes in future years under the MTD initiative, we are also encouraging all other businesses to get in touch today to find out how they can benefit.

Making the move to virtual accounting is straightforward and a great way to make life that bit easier. Contact AGS today to find out more.