HMRC have recently announced the delay of the introduction of the Making Tax Digital for Income Tax Self-Assessment (MTD for ITSA) scheme until 2026. This delay will give those in scope more time to prepare and will reduce the risk of HMRC systems and support services becoming overwhelmed when the deadline hits.
HMRC’s recent announcement that it was delaying the introduction of
MTD for ITSA programme for a further two years until 2026 was extremely welcome. The phased approach gives those in scope more time to prepare and will help lessen the risk of HMRC systems and support lines becoming overwhelmed.
5 REASONS TO DIGITALISE YOUR ACCOUNTS IN 2023
Don’t delay making the switch to digital accounting software
Although 2026 may seem like a long way off, we recommend that you don’t leave making the change to the last minute - there are significant benefits adopting a cloud accounting software package as soon as possible.
- Make real-time business decisions
Working on real-time data rather than historical information means you can make better business decisions.
- Automate manual processes
Cloud accounting software packages such as QuickBooks, Xero or Sage Accounting, let you automate tasks that used to take up a lot of time such as reconciling bank transactions, tracking mileage and sending invoice reminders.
- Spot trends and opportunities to help your business grow
With cloud accounting software it’s easy to collaborate with your accountant too - we can spot trends and highlight any challenges or opportunities for the future that you might have missed.
- Give yourself plenty of time to prepare for Making Tax Digital for Income Tax
Making the move to cloud accounting software well in advance of HMRC’s deadlines for MTD give you more time to get used to using the software and gives your accountant time to highlight any errors in your record keeping well ahead of any submissions to HMRC. This means the process will be smoother and a lot less stressful.
- Unlock the full potential of your software
Making the move to digital sooner rather than later gives you more time to become familiar with your chosen software package, helping you unlock its full potential in terms of efficiencies and benefits.
When is the best time to make the change to digital accounting software?
You can move to a digital accounting package at any time, but to minimise disruption to your business and keep things as straightforward as possible we recommend that you make the change at your business year end.
How Moore can help
The team at Moore are on hand to help every step of the way, working with you to identify the best cloud accounting package for your needs, getting you set up and providing training if needed. Get in touch with your usual Moore adviser for further advice.