Preparing for Making Tax Digital with Xero
5th October 2018
Hollingdale Pooley is fully prepared through our partnership with Xero for the introduction of Making Tax Digital (MTD) for VAT-registered businesses from 1 April 2019.
Businesses that turn over more than £85,000 in the tax year will need to submit quarterly reports alongside the annual tax return through MTD-approved software.
Recognising the point was edging ever closer, Hollingdale Pooley nailed our purple and lime colours to the mast of the UK’s leading cloud accounting software provider – Xero.
Through our partnership, our experts have introduced Xero to owners of VAT-registered businesses – both in terms of upskilling them, and sharing data for us to submit on their behalf.
Our accountants login to Xero on a monthly basis to ensure those clients are on course with their tax returns, and to give a gentle prod to those who are lagging behind.
Xero: the benefits
Xero imports data from your bank accounts, allowing quotes to be turned into invoices quickly. This enables you to invoice swiftly and keep track of your cashflow whenever you want.
Time-consuming paperwork and data entry is a thing of the past because Xero frees up more time for you to reinvest back into running your business.
It’s also constantly being updated to allay any security concerns about cloud storage, while Xero’s user-friendly interface makes it easy to operate.
This automated approach has drastically improved collaboration between us and our clients. We can see key documents and data as soon as you upload it.
Xero: a happy client
“Xero provides a simple, user-friendly way of keeping my business’s records up-to-date and compliant. It’s unlike other software, which is complex and requires expertise to use.
“My advisers can login to my Xero account, check I’ve put in the right information and alter my entries if I’ve made any mistakes.
“This is much more efficient than the previous methods of having to submit my books and records.
“My accounts are now monitored and performance-tracked on a monthly basis, which is vital to make informed business decisions for the same price as the previous quarterly service.”
We offer training on how to get the most out of Xero, but if you’re reluctant you can still bring us your bag of receipts to process and submit your tax return online.
To learn more about how using Xero can help you, call our team on 0117 973 3377 or email firstname.lastname@example.org