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As part of the government’s vision to modernise the tax system, tax returns will be replaced by digital accounts.

One of the misconceptions that I have been responding to recently is that Making Tax Digital will require SME owners and contractors to file 4 tax returns each year. Put simply, this is not the case. Instead SMEs and contractors will send easy to file summary data each quarter. As the government stated, “Quarterly updates will largely be a matter of checking data generated from record keeping software”.

Fortunately if you are already on the cloud, you will be able to send this information from your software. If not, there’s no need to worry. My advice would be to invest in a cloud accounting provider who is already working closely with government in their digital transformation process, for example Sage One, Xero or QuickBooks.

Instead of rattling on about the advantages of cloud accounting, which I’m sure you’re already aware of, we are holding a drop in day on Thursday 13 October that will give you a brief insight into cloud accounting.

If you feel that this is something which you would like to hear more about please click here and drop in at any time from 9am until 12noon, where our cloud accounting team will be able to answer any questions that you may have.