The business of buying and letting property can be compared to playing three-dimensional chess. Decisions made at one stage will affect the tax payable and the deductions allowable for tax at later points in the property business lifecycle.
Making Tax Digital (MTD) requires a dramatic shift in how accountants and their clients process financial information – both mindset and operations need to change to make MTD work in an efficient, profitable way. It’s time to shake off the shackles of being chained to legacy systems in a time where digital taxation is innovating to keep pace with other industries revolutionised by tech.
Answers to frequently asked questions accountants often ask us about Making Tax Digital (MTD). This first FAQ is one of the most common, especially given that VAT is going digital starting in April 2019.
From all the industry discussion and HMRC guidance, we know that MTD needs to be a collaboration between accountants and companies. After all, accountants are reliant on regular data from clients, and there needs to be ongoing communication to comply with more frequent submission requirements.
Choosing the right tax software for your business is a daunting task. There are so many things to look for that finding the right one without an expert by your side becomes difficult. If you are also in the search of a good tax software for your business, big or small, you need to take special care when looking for some specific features. Without these features, your investment in the tax software will not be as fruitful as you had expected.
Tax software are easy to use, convenient and time-effective option for handling all tax related matters of a business. However, when it comes to choosing the right software, it in itself is a taxing task. There are so many tax software available in the market these days that it becomes difficult to find the one that is best suited for your business.
If you are an accountant, you should pass on these tax tips to your prospective and existing clients to help them boost their cash flow and reduce their tax bills.