Making Tax Digital (MTD) is a HMRC initiative designed to ensure the UK tax system is effective, efficient, and easy for taxpayers. With Integrations to Xero, Sage and Quickbooks, Microtill’s Back Office software completes the loop from EPOS system to accounts package. Businesses need to keep a digital record of all their transactions.
Making Tax Digital (MTD) is a HMRC initiative designed to ensure the UK tax system is effective, efficient, and easy for taxpayers. With Integrations to Xero, Sage and Quickbooks, Microtill’s Back Office software completes the loop from EPOS system to accounts package. Businesses need to keep a digital record of all their transactions.
Making TAX Digital has been created to reduce human-error to avoid mistakes costing the Exchequer over £9 billion a year and to make it easier for the taxpayer to submit their VAT returns.
What this means for you
By law, all VAT-registered businesses must now sign up to Making Tax Digital (MTD) and use compatible software to keep their VAT records and file their returns or face penalties.
Businesses that earn over £85,000 turnover per year need to send their VAT (Value Added Tax) returns to HMRC every quarter.
Anything you do that is TAX related, will only be compliant if it is recorded Digitally. This means anything submitted manually will not be accepted under this new initiative.
You should use MTD-compliant software to keep a digital record of VAT transactions and to submit VAT returns on a quarterly basis.
Digitally store all your sale costs, costs and taxes amongst other parts of your business.
Microtill’s cloud provides a direct link between Xero, Quickbooks and Sage50. This link generates tax figures from all the sales information created by Microtill’s EPOS system.
Your accounts package can then send the information onto HMRC digitally. No manual calculations need to be made, reducing human error and making the VAT returns process quick and easy.
Benefits of Microtill’s Integrations
Microtill integrates with MTD compliant accounting companies to join EPOS with accounts to help ease the Digital Tax switch, helping you to manage your money and save time.
Xero
Xero transfers all your financial information so that all your data is collated into one place. Giving clarity into your business data.
Quickbooks
Quickbooks automation syncs all your sales data and exports it, including taxes and payroll tax, meaning you spend less time having to work on your accounts.
Sage
Sage’s simple platform helps you efficiently manage your money and helps your business see better projections and business forecasts.
Microtill’s insightful EPOS system combines these integrations alongside everything you need to optimise the management of your business so that you can have clarity and ease of mind.
With our cloud storage, you can access business data and information anytime and anywhere on your digital device, so you always can see what’s going on even when you are not able to be on your premises, meaning you have complete access to all your data wherever you find yourself.
Contact us for an instant quote on how Microtill can help your business.
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