Is your business prepared for digital tax returns?

19 Jun Is your business prepared for digital tax returns?

In light of upcoming changes to the revenue process, businesses are facing more regulation than ever. While tax rates will continue to change, there are also practical considerations for companies when it comes to submitting their accounts to HMRC. With many businesses now required to submit their accounts in digital form, the new system may be too onerous for many businesses.

When companies attempt to process their accounts in-house, it can be extremely time-consuming. In addition to this, you may not have experienced accountancy staff on your payroll and this could mean that mistakes are made. Furthermore, attempting to handle your taxes without expert assistance could mean that you miss out key exemptions or that you end up paying more tax than you need to.

Why not explore cloud accounting?

Cloud accounting is ideal for businesses of any size but it can be perfect for small or medium enterprises. Rather than attempting to deal with your accounts at the end of the financial year, you can regularly update your business data and ensure that it is accessible to a professional accountant.

Whether you want an all-inclusive package, on-going bookkeeping services or assistance with your end-of-year accountants, you can benefit from the services of an experienced accountancy professional.

Once installed, your cloud accounting software will provide an easy way for you to transfer data to your accountant. As the software is hosted on a remote server, rather than one based in your office, your accountant has real-time access to any changes you make to the data and can respond accordingly.

Once processed, the data is returned to you and/or submitted to the HMRC, depending on your requirements. While cloud accounting provides a cost-effective and simple way to manage your accounts, it can also prevent loss of data.

If your offices were to be damaged by fire or flood, for example, damaged servers could render your data unusable. By using cloud accountancy software, however, your data is protected from potential physical harm. Furthermore, secure software and encryption means that you have a robust framework to protect your business data from potential online threats.

With the HMRC moving towards a digital tax system, now could be the ideal time to incorporate cloud accounting into your business. To find out more, why not contact us today?

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