The HMRC’s new Making Tax Digital (MTD) scheme is likely to present dentists with ‘a severe headache’ according to the National Association of Specialist Dental Accountants and Lawyers (NASDAL).
If you’ve been following trade press, this is the sort of coverage that makes great headlines. But is it the truth? As specialist dental accountants, The Peloton team explains how dental practices can prepare for a painless transition to quarterly submissions of digital accounts.
What is ‘making tax digital’?
The government initiative, ‘making tax digital’ is going to happen. From 2019, HMRC requires businesses over the VAT threshold to keep digital records for VAT purposes.
From 2020, all businesses, regardless of turnover, must keep digital records and update HMRC at least quarterly.
The change is inevitable, so why are some dentists so resistant to the idea of going paperless?
How can you prepare for paperless accounting?
You’re probably used to completing gruelling annual returns, making complicated adjustments and even discovering a few unpleasant surprises at the end of the financial year.
But what if all your information was ready to submit to the HMRC once a month at the click of a button? Sorted. As specialist dental accountants, we manage our clients’ businesses in ‘Xero’, a cloud-based accountancy platform that keeps everything up-to-date in real time.
Our decision to use Xero for dentists isn’t just about keeping HMRC happy. In-depth knowledge of your finances will streamline processes, drive strategic decisions and make your business stronger.
Ditch the paper and find out why we think dentists should use Xero. Our team of chartered accountants for dentists is happy to discuss how to future-proof your business. And if you’re worried about cost, talk to us about fixed-fee accounting for dentists.
Severe headache? Not on our watch! We’ll make the transition to digital accounting as painless as it should be.