Making Tax Digital
From April 2019, businesses with a turnover above the VAT threshold of £85,000 will be required to keep digital records for VAT purposes. Following this, the full initiative will be rolled out, meaning all businesses will need to ensure all their accounting is done digitally.
What this means for accounting practices
As a result, accounting practices are being urged to prepare their clients for MTD, which means preparing their own businesses for the transition too. This is no mean feat, with extensive reviews necessary of both client and practice systems and processes. Education and strategic schedules are also essential to the effective conversion of clients to new practices, as is training on the online software.
How Capium can help
Capium is inherently making tax digital. Our software has been specially designed to meet the needs of accounting practices with many clients to manage. As a Cloud-based accounting and Practice Management system, it makes the transition to Making Tax Digital easier for accountants and their clients, with customisable plans that can be tailored to suit you and your clients’ needs.
Six products are available, each of which seamlessly integrate with the latest cloud technologies to provide a cohesive system, making all aspects of accounting simple and effective. Not only that, the hassle of data transfer from your old software and training staff is taken away, meaning a quick and efficient transition to digital record keeping.
How does it work with Capium
Capium’s solution ensures that agents and their clients can keep and submit VAT records easily, helping them to stay MTD compliant with the minimum of fuss. Here are just a few benefits our software offers:
- Our Bookkeeping module keeps VAT sections separate, enabling simple VAT submissions and easily manageable statuses.
- The software is recognised by Companies House and HMRC, meaning VAT submissions can be made directly from the system.
- The latest compliance measures are in place, including HMRC-recognised iXBRL tagging, ensuring a high degree of accuracy is maintained.
- Records can be updated instantly and in real-time, helping your practice and your clients see the most current picture as it becomes available.
- A vast level of client requirements is supported through the system, so whether your clients are LLPs, limited companies, partnerships or sole traders, Capium can handle their needs.
- Accountants and clients can connect for free via the software, meaning reduced communication costs.