The End of the Tax Return – What it means for your business
The news in the Budget that annual tax return will be a thing of the past sounds like good news for lots of small businesses. The launch of HMRC’s ‘Making Tax Easier’ document is certainly an ambitious project.
We think it’ll be replaced by a monthly return – probably generated directly by your accounting software and sent straight to HMRC.
It’s certainly the approach that Xero are expecting to happen as they announced their plans for the future at the Roadshow we attended this month.
Many small businesses will need to make some big improvements to their accounting systems to keep pace with the new requirements but we think it’ll be worthwhile. Having good, reliable and up to date records helps you to run your business better.
If you’re contemplating making the change to Xero then we’d be delighted to give you a free demonstration. Just complete our Xero diagnostic and we’ll get in touch.
