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For VAT periods commencing on or after 1st April 2022, ‘Making Tax Digital’ (MTD) will apply to all VAT registered businesses regardless of turnover.
There are certain requirements for MTD for VAT. The main requirement is for businesses to maintain digital records using what HMRC refer to as ‘functional compatible software’. This means a software program that can connect to HMRCs’ systems. The functions must include the ability to keep and preserve records in a digital form, create a VAT return from those records and provide HMRC with the return digitally.
Cloud accounting software, such as Xero and QuickBooks, are amongst the packages that are compatible with HMRC’s online portal. Cloud software has been in use for years now and has many benefits. Multiple users can be set up, with varying security levels, ensuring that everyone can access real time information and bookkeeping records are kept efficiently. Accountants are able to collaborate with clients, quickly and easily, offering advice on up to date figures.
If you would like any further information please contact Gillian Dixon in our Kelso office.
Gillian Dixon
gillian.dixon@renniewelch.co.uk
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We would be delighted to have the opportunity to discuss, face to face or online, your requirements and see what benefits Rennie Welch can bring to you and your business.
This month we are celebrating 100 years of Rennie Welch and its predecessor firms. Founded in Hawick by John J Welch in 1924, the firm expanded over the years into a number of borders towns including Kelso.
By the late 1990's, Welch & Company Kelso was a firm in its own right with offices in the Kelso Square. However, by 2002 ongoing expansion meant that a larger office was needed. Academy House was then renovated and the firm moved across the town to where it calls home today.
At this time the company changed its name to “Rennie Welch” to create a more corporate image whilst still incorporating its roots and the town in which it is based. “Rennie” coming from the architect of the “Old Bridge” that crosses the Tweed.
With further expansion in 2014 & 2016 Rennie Welch now has offices in Melrose and Berwick–upon-Tweed, with a team of around 50 staff.
The firm would like to take this opportunity to extend their thanks to its staff and clients, both past and present for their ongoing support over the last 100 years and hope to see many more years to come.