From 1 April 2019, VAT registered businesses with a turnover above the VAT threshold will have to submit VAT returns using HMRC’s new “Making Tax Digital” Service.
Many of today’s popular accounting packages are now online, with increased marketing activity and promotions to encourage businesses to manage their finances using an internet, also known as hosted, platform; thus making the transition to digital tax submissions fairly straightforward.
HMRC are the latest in a long line of organisations moving towards a digital, paperless world and as a business you need to be ready to adapt.
Can your internet connection handle the digital revolution?
A slow and unreliable internet connection may not affect the day to day running of your business, especially if you are using computer-based software packages, but is it restricting your ability to future proof your business? Are you ready and able to handle new business practices, such as the HMRC’s “Making Tax Digital” Service, which forces you to go online to submit VAT and Tax returns?
Working in the Technology sector, we are seeing more and more suppliers move away from local software installations and invest in hosted solutions. The advantage of this is that your systems are always up to date. It is easy and cost effective to add and remove licenses; you only pay for what you need.
However, unless you have a good internet connection, these hosted solutions can become a bit of a white elephant as it is impossible for your business to benefit from all the functionality and features.
A robust, powerful and fast internet connection opens up new opportunities for business and the Government has recognised how vital it is for UK businesses to be on an ultra-fast internet connection. In 2017 they launched the Gigabit Voucher Scheme to provide funding and have extended this initiative into 2019. UK businesses can benefit from a voucher of up to £2500 to help them improve connectivity.
This investment into the UK’s business infrastructure is proving successful. HBT has been a proactive and consistent accredited supplier to this voucher scheme (and its predecessor*) for many years and we have claimed a total of over £300,000 in funding for our clients.
Is now the time for your business to upgrade and become a part of the digital revolution?
(We are sure your competitors are)
We have a team of experts on hand to provide help and advice on upgrading and the funding opportunities, get in touch today by calling 02476 867 422 or request a callback for a time convenient for you.
* Prior to the current Gigabit Voucher Scheme, the Government ran a Connection Voucher Scheme from March 2014 to March 2016 as part of their Super Connected Cities Programme.