An Oswestry-based accountancy specialist is advising businesses to get their tax records online as soon as possible to be ready for the next phase of the Government’s Making Tax Digital scheme.
Although it is not yet mandatory for income and company taxes, Louise Hudson, of Hudson LM Chartered Accountants, said it was only a matter of time before every business would need to submit their tax records digitally.
Looking back over 2019, Louise said the main theme running throughout the year had been the controversy surrounding Making Tax Digital.
“Moving to a purely digital system makes sense from HMRC’s perspective because it will save the Government money,” she said.
“The Government says avoidable mistakes in tax records cost the Government £9 billion a year, so you can understand why they want to make the system more reliable.
“However, it can be difficult for businesses to make the transition if they have been using traditional paperwork for many years, which is why we recommend all businesses to get on the digital system as soon as they can.
“We have specialists in our team who can transfer all records to the new system, and every single one of our clients is now on a cloud accounting system such as Quickbooks Online and Xero.
“It removes any worry and stress about what might happen when the Government makes it compulsory for every business to submit digital tax records.
“There are also additional benefits to businesses in being able to assess in real time their financial performance as well as saving time on traditional book-keeping tasks.”
Hudson LM expanded its team during 2019, with the addition of the experienced Rachel Ashley who joined in September following 21 years at a large Shropshire accounting practice.
Rachel brings the total staff number to seven, meaning the firm is now in a strong position to expand its client base.
Louise added: “We are delighted Rachel has joined us and it means we have the capacity to work with more businesses across Shropshire and Mid Wales.
“We work with a wide variety of clients, from haulage companies and the hospitality trade, to caravan parks and agricultural businesses.
“We are different to other accountancy firms in that we offer a clear pricing structure with a fixed monthly fee, which often proves popular because businesses appreciate knowing how much the service will cost from the outset.
“We are looking forward to working with more businesses as we go through 2020.”