Tom Geraghty & Associates provides chartered accountancy and business advisory services to small and medium-sized enterprises. Based in Newark, Nottinghamshire, we deal with clients of all sectors.
Making Tax Digital
Making Tax Digital is part of the government's long term aim to make the collection and recording of company taxation more efficient. You can find more about making tax digital on the HMRC website here.
To comply with this legislation businesses are required to keep their records digitally. Records must be kept on a cloud-based software, therefore records held on Microsoft Excel spreadsheets will not be compliant. Businesses are also subject to quarterly reporting through their software.
To help our clients achieve this, we have partnered with two major cloud-based accounting software providers, Xero and QuickBooks. Please take a further look at these software programs on our bookkeeping services page here.
Making Tax Digital for VAT
If you have a VAT registered business, you are now required to keep digital records and file your tax returns using compatible software.
HMRC will sign up all remaining businesses to Making Tax Digital for VAT automatically unless they are exempt or have applied for exemption.
Making Tax Digital for Income Tax
You need to follow the requirements for Making Tax Digital for Income Tax if you are self-employed or a landlord from:
6 April 2026 if you have an annual business or property income of more than £50,000.
April 2027 if you have an annual business or property income of more than £30,000.
We understand MTD is not a choice but a requirement by HM Revenue and Customs so we have chosen to pass on the software partner discounts to our clients. We can help you switch, for example, from Sage or Excel spreadsheets to Quickbooks or Xero. We would take every step to ensure smooth transition from one platform to your chosen one.
Quickbooks allows you to take control of cash-flow and know where your money is going, all in one place. It enables you to see how your business is doing in less than 30 seconds.
Xero’s online accounting software is designed to make managing your books easier. You will be able to manage your business from anywhere, on any device. We can help you deal with the accounting side, so you can get back to what you do best.