June 7th, 2017.

Learning to drive can be a bumpy road. You need support and guidance as you learn an important life-long skill. You wouldn’t practise in a car without an instructor and the same applies when learning the skills needed for digital accountancy. You need the right advice from an expert.

Here, Richard Stonier, partner at Tally Accounts, provider of cloud-based accountancy software, explores whether accountancy software alone is sufficient.

Extensive changes to how taxpayers record and report income to HMRC are being introduced under the Making Tax Digital for Business (MTDfB) proposal which was announced in 2017. This proposal means that businesses, self-employed people and landlords that have a turnover above the VAT threshold will be required to use the new digital service from April 2018.

This reform will require businesses to keep digital records and file quarterly reports using software that is compatible with HMRC’s systems. This means that accountancy software is now required by law.

Expert advice
Businesses could choose any accountancy software option that they like the sound of, perhaps they saw an advert on the.....

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