If you are currently recording and submitting your information in a paper-based format, you will soon need to convert it to digital records.
Whilst many people are apprehensive about this process, it should, if correctly implemented, save time and money in the long run.
In 2020 it is proposed that tax-payers will be required to provide returns on a quarterly basis.
By producing your books using digital accounting software, this information can be submitted with the click of a button.
By keeping the records up to date you can see the company or sole trader’s financial position and profitability in a real time basis. This has the added benefit of enabling you to react accordingly to increase profit and plan ahead to pay your tax bill.