From April 1st, all VAT-registered businesses must keep all of their VAT records online with quarterly VAT returns through Making Tax Digital (MTD) Compatible Software. This is the first in a range of similar changes that are expected to continue into 2020. These changes have been introduced in order to reduce admin and streamline otherwise complex tax systems.
This change, and the ones to follow, strongly imply changes to the way we know business today.
Digital transformation and innovation have been ongoing trends throughout most industries and communities so moving to “online-only” isn’t a new concept but until now, managing business VAT and tax online hasn’t been essential. This change, and those following will no doubt instigate similar changes in related industries. With this in mind, there has never been a better time to learn to become digitally-savvy and confident with digital products in the process.
The innovative nature of digital finances products means that they can provide insight to you and your business on a granular level in an easily-digestible format. Our Simply Wealth app, for example, offers a full, clear picture of all finances in one handy app. This includes investments, banking, pensions, savings, credit cards and property. This kind of clear vision gives you full control and comprehension of your finances. We believe that finances should be simple and transparent and that this financial digital revolution truly lends itself to empowering individuals and business owners.
Though they may seem intimidating and like a lot of hard work to comprehend, embracing this turning point will make your finances clearer and if you own or manage a business, potentially making that more profitable. There is a lot of opportunity and insight available to individuals and business owners within digital technology that should be embraced sooner rather than later.
At Murphy Wealth, we’re enthusiastic about digital transformation and we can help you get to grips with it in no time. Get in touch with us today and we’ll help you adapt to, and embrace digital change.