Making tax digital

making tax digital

See how Clear Books can help your business transition into the age of digital tax

What is making tax digital?

Making Tax Digital is a piece of Government legislation expected to become law from April 2018, when most small businesses and self employed individuals will be required to submit data about their revenue, expenses and profit online every quarter to HMRC.

This means your business will need to use an online app or accounting software package to submit your data. The reason HMRC says it is making these changes is to reduce the burden on taxpayers and ensure that the tax system is much more transparent and accessible.

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Video: HMRC explanation of making tax digital

This video from HMRC explains what you need to know about making tax digital.

How Clear Books will help your business

As a UK based online accounting software provider focused exclusively on the UK market, we understand that Making Tax Digital represents a major challenge for small businesses across the UK and the accountants supporting them, particularly if you currently manage accounts through spreadsheets or with manual records. The prospect of moving to a digital accounting solution might seem daunting, and the cost prohibitive.

That’s why Clear Books is launching three new products, specifically designed to help those smaller businesses who only need accounting software in order to comply with MTD, and to help the accountants who support them.

making tax digital

Clear Books Micro

Clear Books Micro provides smaller businesses with the means to record sales invoices, purchases and expenses within an easy-to-use spreadsheet and make this data available to their accountants.

Clear Books Practice Edition

Clear Books Practice Edition is a fully functioning version of the established Clear Books cloud accounting software, but it will only be available to and accessed by accountants. Data from Clear Books Micro can be uploaded into Clear Books Practice Edition, enabling the accountant to make any necessary adjustments before make online VAT and MTD submissions to HMRC.

Clear Books Cash Book

For smaller businesses who wish to make a first step into cloud accounting, Clear Books Cash Book provides a simple way of managing their accounts by only recording the cash received and cash spent in running the business. Clear Books Cash Book will enable the user to make online VAT and MTD submissions to HMRC.

What about existing users of Clear Books?

Once HMRC confirm precisely what information they require from businesses and when it is required, we will make our existing products fully compliant with the new legislation. This isn’t a difficult task; it’s similar to the links we already provide for making VAT, payroll and CIS submissions online.

making tax digital

Find out more

If you’re an SME and would like to discuss the most suitable option for your business, or if you’re an accountant who would like to discuss the options for your clients, please get in touch with us on 0800 862 0202 or at sales@clearbooks.co.uk

Alternatively, you can register your interest. We’ll let you know as soon as we launch our new products so you can be among the first to future proof your business accounting.

Clear Books Micro Registration

complete the form below to register your interest