Making Tax Digital – What’s in it for me?
We’re Counting Down to Making Tax Digital day on 1 April 2019. It’s something HMRC need us to do, but it’s only human to ask “What’s in it for me?”
So we know it’s a royal pain, but we have to do it, so what are the benefits I hear you say? Well there are many, so let’s go through them one at a time:
Your Finger on your Business Pulse
The first step in getting ready for Making Tax Digital is to get you set up on Xero Beautiful Accounting Software. The immediate benefit is having all your business finances at your fingertips. The browser’s super easy to use, but Xero’s app let’s you invoice and receive payments on the fly, check and reconcile your bank balance, check who owes you, and access contact details. All from your phone or tablet, wherever you are! Awesome!
You’ll also have the right info from which to make the right decisions. No more guesswork. You can see with a couple of clicks how you’re doing, and we can use this data to guide you on your business journey, looking forwards not backwards. Our blog explains more about our Strategy Sessions.
We have been 100% Xero since 2012, and consider ourselves specialists. We’ll set you up and train you free of charge!
Never Miss another Expense Claim!
Using apps like Receipt Bank means that you’ll never miss an expense claim again. So any business expenses that you pay cash, or out of your own pocket can very easily be claimed against your profits, and means you get paid back too! Most importantly as you take a photo as soon as you get a receipt, it also means that you’ll claim more VAT back from HMRC. It’s a win win!
Mileage Claims become a Joy and not a Nightmare!
Use GPS to track business journeys, save favourites for regular business trips, and push your mileage claims straight to Xero.
More Cash in the Bank
Once you are up and running on Xero, you can start to really work with the data you have. Connecting apps like Chaser and GoCardless mean that you’ll get paid quicker. You’ll also get more money back from expense claims and claiming all the VAT you’re owed! I know right, it does sound too good to be true! Have a look at our blog on Getting Cash in the Bank Quicker
More You Time!
Whether this is more time to plan your business, more time with the family, more time at Zumba (oh, that’s me, what would you rather be doing?) More time learning a new skill, these online apps will provide more time in spades (or hours!).
Hopefully my blog is giving you some idea as to how Making Tax Digital is the tiny first step on a more streamlined and powerful way of doing business. Actually Making Tax Digital is not the pain it’s made out to be, it’s a bonus to start you on your online journey!
Thank you for reading! Please do get in touch if you’d like to know more about our online apps, and how easy we can Make Tax Digital for you.
Kinder Pocock are an approachable cloud-savvy firm of accountants based in Herefordshire but supporting businesses on the move.
We specialise in Security, Design and Indie Hospitality businesses.
Contact Us to see how we can help