Making Tax Digital
Embracing Digital Excellence in Accounting
Navigating the digital turn in tax reporting can be a breeze with Simon & Co by your side. With the launch of HMRC’s Making Tax Digital (MTD) initiative, we’re here to help you adapt smoothly. We know that reliable and user-friendly cloud accounting software like XERO, FreeAgent, and QuickBooks can make all the difference, and we’re all about making those tools work for you.
But it’s more than just meeting HMRC requirements. We’re talking about making your accounting tasks quicker, more accurate, and let’s face it, easier. With handy features like automatic bank feeds and easy transaction categorisation, you’re not just staying compliant; you’re also getting your accounting done with unmatched efficiency and precision. We’re here for all your accounting needs, making sure you’re up-to-date and on track with ease.
Software Solutions
We collaborate with leading cloud accounting software providers including Xero, QuickBooks, and FreeAgent, and also extend our expertise to other platforms like Sage, Clear Business, and Zoho.
Xero
- Automatic Bank Feeds – Xero simplifies the reconciliation process by automatically importing and categorising banking, credit card, and PayPal transactions daily.
- Effortless Invoicing – Create professional invoices, get paid online, manage cash flow effectively, and automate invoice scheduling.
- Comprehensive Business Management – Handle payroll, stock, fixed assets, expenses, and more with built-in features and add-on apps.
- Accessibility – Access Xero anytime, anywhere using various devices, ensuring business management from home, office, or abroad.
- Enhanced Communication – Improved interaction between clients and accountants facilitates effective tax planning and business analysis.
QuickBooks
- Personalised Bookkeeping – QuickBooks offers smart suggestions, learning from your business’s patterns to provide tailored advice, making financial management efficient and customised.
- On-the-Go Access – With mobile accessibility, you can manage your business finances in real-time, anytime, anywhere, ensuring constant control and overview of your financial status.
- Efficient Invoicing – Automated features allow for the quick generation and sending of professional, customised invoices, streamlining the billing process and enhancing cash flow.
- Seamless Bank Integration – Connect with major banks to automatically import and reconcile transactions, ensuring accurate, up-to-date financial records with minimal effort.
- Simplified Tax Management – QuickBooks provides an instant overview of tax liabilities and organises information needed for tax returns, making the filing process straightforward and stress-free.
Xero
- Online Accessibility – FreeAgent is stored externally online, eliminating the need for updates and backups, and can be accessed anytime, anywhere with internet access, including mobile phones and tablets.
- Efficient Invoicing – Users can easily invoice customers and receive payments online, streamlining the billing process and improving cash flow.
- Support Availability – FreeAgent offers support via email and telephone, ensuring that assistance is just a call or message away for users who need guidance or have queries.
- Tailored for Small Businesses – Specifically designed to cater to freelancers, contractors, and small businesses, making it a tailored solution for smaller-scale operations.
- Real-Time Information – Provides instant access to financial data, allowing for efficient management and oversight of business finances.
Take the next step to a digital future with Simon & Co
Simon & Co stands ready to guide you through this transition. Our expertise is your asset, turning potential challenges into opportunities for enhanced financial management. Your journey to seamless, digitalised accounting begins now, and with Simon & Co by your side, each step is taken with confidence, clarity, and the assurance of compliance and efficiency.
Frequently Asked Questions
Explore our frequently asked questions to find valuable information on various business topics. Get the answers you need to make informed decisions about your business.
In short, yes! While these software tools are super helpful, having a bookkeeper on your side can be a game changer. They’re like your financial detectives, making sure every entry is spot-on and your VAT is in check. They can also spot the nuances between tax-deductible and non-tax-deductible items. So, yes, even with top-notch software, a human touch can make all the difference!
When is MTD for Income Tax Self Assessment starting?
MTD for ITSA was all set to start on 6 April 2024, but it’s been pushed back to 6 April 2026. The government cited the extra challenges from COVID-19 as a big reason for the delay. Plus, there were calls from various quarters for a bit more time to get ready for the new digital tax changes. So, we’ve all got a bit more time to prepare!
Choosing the right cloud accounting package can be a breeze with a little help! We’ll start by taking a good look at how you’re currently doing your accounting and consider where you see your business – and yourself – in the future.
We want to make sure that the software, along with any extra ‘add-ons’, aligns perfectly with your needs and current business operations. We’ll have a chat and ask some questions about you and your business to figure out the best options for you to use or test out.
Making Tax Digital (MTD) is the UK government’s step towards modernising the tax system, making it more streamlined and efficient. Launched in 2019, it first affected VAT-registered businesses with a specific taxable turnover, ushering in an era of digital record-keeping and reporting. By April 2022, this wave of digitisation embraced all VAT-registered businesses.
Income Tax Self Assessment and Corporation Tax are next on the list to go digital! It’s a progressive journey, and while the complete transformation is on the horizon, it will unfold gradually to ensure a smooth transition for everyone involved.
News
The next stage towards Digital Tax – Making Tax Digital for Income Tax Self Assessment
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Get in touch with us
Your financial goals matter to us. Whether you’re planning for the future or navigating present challenges, our team is here to offer guidance and solutions that resonate with your needs.
What our clients say…
Simon & Co helped me develop procedures to put me back in control of my business, and I can now keep track of my business performance.
Dilal Uddin
Dimension Estates