From April 2019, VAT registered businesses in the UK must keep their accounting records digitally This probably involves using a bookkeeping program which can submit VAT returns online. It is likely that the requirement for digital records and quarterly tax returns will be extended to most other businesses and landlords in the UK from April 2026.
Don't miss this crucial aspect of Making Tax Digital. Digital records mean that businesses can access a huge range of software which could improve efficiency and enable better communication with customers. With access to real-time business information advisers can provide better financial advice, thus maximising opportunities and reducing tax liability. Businesses must switch their focus from form filling to boosting expansion or be prepared to lose out to more clued up competitors.
For the full story purchase AIARRA: Wealth and Double Entry Bookkeeping now available for download on Amazon.
AIARRA: Wealth and Double Entry Bookkeeping is published on Amazon. One purpose of the book is to enable anyone to quickly become proficient in computerised accounting using the double entry system. The book emphasises the necessity for the proper financial control of business finances. Too often in the past, the focus of accountants has been historical figures to comply with the requirements of the tax authorities. I believe that this is the tail wagging the dog. Real-time records will transform the prospects of businesses and save them billions. New apps available will also save businesses time and money.
The book includes examples of solving problems such as contra entries and calculating hire purchase interest. It also sets out how merging the internet with proven concepts such as double enty and the 80:20 rule, could result in an explosion of achievement and prosperity.
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