With businesses earning above the VAT threshold of £85,000 expected to begin storing tax information online and sending quarterly digital reports to HMRC for VAT purposes from April, Lamont Pridmore believes that businesses ought to get up to speed with cloud accounting sooner rather than later and is educating businesses on the benefits of cloud accounting as the UK prepares for significant change to taxation.
Graham Lamont, Chief Executive at Lamont Pridmore, is part a member of the national MTD Taskforce at the Institute of Chartered Accountants that has been helping other accountancy practices across the UK set best practice on MTD. He advises that online accounting services are perfect for businesses that want to get to grips with cloud services ahead of the April deadline.
The various systems on offer can help businesses to store all of their tax and financial information in one safe location and to understand the up to date performance of their business in real-time and collaborate more closely with their accountants.
By accessing their accounts on the move via smartphone apps, business owners can enjoy significant time savings – and Lamont Pridmore’s expert team can communicate with them via the platform should any problems arise and make them aware of new opportunities.
For those businesses who do not wish to continue producing their own bookkeeping and accounting records using new software, Lamont Pridmore has developed processes and procedures to take over these functions on their behalf at very competitive prices.
How our team can help
Whatever the size of your business, MTD will ultimately affect your firm in the future so it pays to be prepared. Our team at Lamont Pridmore is working with a number of businesses to help them prepare for the new system ahead of the start date of April 2019.
To discuss how the MTD may affect you and your business, please contact us.