MAKING TAX DIGITAL
Short & Simple Title
BBAT is ready to help London’s small businesses Make Tax Digital.
VAT registered small businesses in United Kingdom need to comply with HMRC’s Making Tax Digital¥, the biggest change to tax compliance in a generation and BBAT is here to help make things a little easier for you and your business!
Since 1 April 2019, all VAT-registered businesses with a turnover above £85,000 across the UK have needed to keep their financial records in a digital form and submit their VAT returns using MTD compatible software. This Government legislation, called Making Tax Digital (MTD), is the biggest change to tax compliance in a generation, impacting over 1.2 million small businesses in the UK – yet new research has shown that around a third (31%) still aren’t compliant*.
Today, London based accountancy firm; BBAT announces it is MTD ready and here to help VAT-registered small businesses in United Kingdom through the transition quickly. By partnering with Intuit QuickBooks, makers of HMRC recognised accounting software, BBAT can make digital tax compliance easy for local VAT registered small businesses.
Bridget, Chief Accountant from BBAT said “We’ve heard small businesses in the United Kingdom don’t fully understand the MTD legislation, are concerned about being compliant and are worried about time spent learning new digital processes. We’ve also heard they are relying on accounting professionals to make the change. That’s why we’re delighted that by using QuickBooks, we’re ready to help small businesses in United Kingdom make MTD easy for them.”
While moving to digital taxes may seem an initial hurdle, research shows that embracing digital can help small businesses become more productive, saving time and making money through more efficient processes. A QuickBooks study^ showed that by using digital tools, small businesses in the United Kingdom can make productivity gains of as much as £5,700.00.
Bridget continued “MTD presents a huge opportunity for small businesses to embrace digital to grow their business. We want to work with local small businesses to encourage them to take advantage of this moment. Digital tools can help with cash flow management, getting paid faster, access to capital – all crucial factors in the success of small businesses in the United Kingdom.”