What happens if I want to use cloud accounting?

With the Government’s flagship Making Tax Digital (MTD) regime now in place, more and more businesses are looking at cloud accounting to help them get to grips with managing their tax and financial information online.

Since the introduction of MTD, businesses now need to ensure that all of their relevant tax and financial information has been migrated online via an MTD-friendly software package, which will enable them to communicate with HMRC when it comes to submitting tax information.

If your business is VAT-registered, you are now required to use this software to send quarterly digital reports to the Revenue for VAT purposes (since April 2019).

Originally, other forms of taxation, such as Income Tax and Corporation Tax, were meant to follow on from the requirements for VAT April 2020 at the earliest. However, following the 2019 Spring Statement, the Government included an amendment in a Written Ministerial Statement, which confirmed that MTD for other forms of tax would be delayed until April 2021 at the earliest.

In relation to Corporation Tax not much has been revealed yet by the Government, but it is expected to be introduced alongside or shortly after Income Tax reporting for MTD in 2021.

The multiple benefits of cloud accounting

Connect from anywhere

RDP Cloud can be connected to at anytime, anywhere, and on any device.

Total transparency

Check what’s come in, and what’s gone out with real-time updates on invoices and outgoings.

Collaborate in real-time

Work, create, and share in real-time with colleagues or an expert at RDP Cloud.

Smart and organised

Easy-to-use online dashboards keep your records, invoices, bills and reports in one secure location.

Security is our number one priority

RDP Cloud features bank-level security and 24/7 customer support.

Software that suits you

We only use software that suits you. Choose from Sage, Xero or Quickbooks based on your needs and preferences.

How can RDP Cloud help?

Take to the skies with RDP Cloud, the complete cloud accounting business package.

It’s time to throw away the filing cabinet. With RDP Cloud, your finances are secure, manageable, and accessible at any time. RDP Cloud is a digital database for every invoice, bank statement, VAT receipt, payroll and expense sheet that has ever passed through your company’s doors.

To find out more, get in touch today.

 

Posted in Blog.