HMRC are in the process of rolling out their plans for Making Tax Digital
As a result, the new regulations will state that all expenses and income must be kept in digital format within a software package which is recognised by HMRC.
Click here to download a pdf created by the HMRC outlining their plans.
In this day and age it is vital to embrace the digital age and ‘cloud based’ software and storage solutions.
For starters, invoices and receipts can’t get lost or fade if they are stored online and unless your are VAT registered the HMRC don’t mind you not having original paper receipts and invoices.
Also if your receipts and invoices are stored online you’ll be able to find them easily rather than wonder where you put that receipt when a boiler breaks down after 3 months!
Here at Positive Bookkeeping we use a cloud based bookkeeping software package and online storage solutions.
To read our blog about what we do and how we do it click here
Click here if you would like a free 30 minute consultation to see how Positive Bookkeeping can help you with your property business.
Positive Bookkeeping – Looking after the business owner
