One of the UK’s leading providers of accountancy software, Xero, has awarded us with three specialist badges: Retail and e-Commerce, Trade and Construction, and Professional Services, for our work supporting businesses with cloud-based accounting software.
Being awarded a badge is recognition that our teams are experts in dealing with the online financial affairs of businesses in these important sectors.
The accreditation comes at a critical time for businesses in the UK as they face the introduction of Making Tax Digital for VAT.
The use of online accounting software will become essential for reporting VAT from 1 April 2019 due to Making Tax Digital (MTD) and could be a basic requirement for other forms of taxation from 2020 for the same reason.
Under the rules of MTD, VAT-registered businesses earning above the VAT threshold (£85,000) are expected to begin storing tax information online and sending quarterly digital reports to HM Revenue & Customs (HMRC) for VAT purposes, but beyond this, businesses could add significant value by utilising accountancy software.
Software packages offered by Xero, or other suppliers, will not only help businesses to report and record tax to HMRC but can also assist them to collaborate with their accountants in real-time and check their finances whilst on the go.
Sarah Jenkins, Partner and Head of Business Innovation at Milsted Langdon, said: “We are delighted with the recognition we have gained from Xero for our work in these sectors and hope that it will help signpost other businesses to our services.
“These sectors are already facing a difficult period with the uncertainty of Brexit, changing consumer attitudes and increases in wage costs, as well as having to deal with MTD, which is where our experience with online accounting can prove to be extremely beneficial.
“Hundreds of businesses are set to embrace online accounting in the next few years if they haven’t done so already. Our team is ready to help them with the adoption of this new technology, safe in the knowledge that our expertise has been accredited. Many of our clients are already seeing the benefits and efficiencies of migrating to a cloud accounting system and we’ve received excellent feedback.”