We have always been ahead of the game. Did you know we were in the cloud over 20 years ago?
AGS Virtual Accountant can help you get the most out of cloud-based software to help you achieve your business objectives.
Streamlined efficiency
You can cut out the time it takes on data entry, with a package that automatically imports the details of your banking transactions. Further time can be saved with the capability to automatically post invoices.
Automatically backed up data
Your data is stored in the cloud and available to you whenever you need it. It is also backed up at regular intervals; saving you both the worry and hassle of making your own back-ups on your local machine.
Cloud accounting with AGS Virtual Accountant offers:
- Access to your financial records from anywhere with internet access
- No upfront costs – you pay a low monthly subscription instead
- No software updates to worry about
- Information is directly imported from bank transactions, reducing the amount of time you spend on data entry and reconciliations
- Real time information on cash flow
- Flexible records enable you to extract the most useful management information
Because you can grant AGS Virtual Accountant access to your accounts, we can keep your records under review or view them at the same time if you have a query or problem.
If your business is VAT registered, you must submit your VAT returns digitally, using approved HMRC software. When Making Tax Digital (MTD) first came into force, HMRC allowed businesses additional time to put in place digital links.
The soft landing was due to come to an end in April 2020 but was extended to April 2021 as a result of Covid-19.
From now on, HMRC will issue penalties for not keeping complete and ‘adequate’ digital records for VAT returns – which means copy and paste data is no longer sufficient.
If your business has not yet fully embraced digital VAT reporting, you need to do so now.
What software will I need to be MTD compatible?
You will need to use what is defined as ‘functional compatible software’ to comply with HMRC requirements.This means software that connects to HMRC’s systems via an Application Programming Interface (API). It can be a single program or a set of programs, so long as those programs are ‘digitally linked’.
Your software must be able to:
- Retain and preserve records digitally
- Create VAT returns and send them to HMRC digitally
- Voluntarily provide HMRC with VAT data
- Receive information from HMRC that your business has complied.
- How will the rules differ regarding digital records?
- The major difference is that you will be required to submit your digital records at least once every three months.
Your business will also be required to maintain records for your VAT account. All digital records will need to be retained for a minimum of six years.
At AGS Virtual Accountant, we can help you put in place easy to use software which is HMRC compliant and will take care of all your VAT reporting – ensuring your business is not only compliant but pays the correct amount of tax.
AGS Virtual Accountant offers professional, honest and independent advice on choosing the cloud accounting package that is right for your business.
We have expertise in a range of accounting software solutions including:
- Xero
- Sage
- Quickbooks
For advice on choosing a cloud accounting package suited to your business, get in touch with us.