Photo Caption: Digital Accounts Manager Kristian Corbisiero
With the much anticipated result of the snap general election now in, HM Revenue & Customs (HMRC) is back on track and ready to launch their proposed digital tax pilot scheme as planned. Accountancy firm Bevan & Buckland will run a series of digital seminars throughout the remainder of 2017 in response to HMRC’s introduction of their new digitally advanced tax system.
The seminars are taking place at Bevan & Buckland’s Swansea City Centre office.
“Under the government’s ‘Making Tax Digital’ initiative, accountants across the country are working with their clients to realise the full benefits of digital accounting. Set to be one of the world’s most digitally advanced tax systems, HMRC will ensure businesses, self-employed people and landlords with a turnover of more than £10,000 per annum can submit quarterly updates with ease,” said Digital Accounts Manager Kristian Corbisiero, the Bevan & Buckland team member tasked with driving this part of the business forward.
The digital submission of tax information is already the norm in many European countries and HMRC’s scheme will see the use of digital record keeping phased in by 2020.
Kristian added, “Businesses have until April 2019 to prepare for the transition into this digital age of accounting. It will certainly be a huge learning curve for many as recent research from the ICAEW revealed that 75% of respondents were not using software to maintain their accounts at all, but thanks to our digital seminars you don’t have to make this move alone.”
As well as running digital seminars to assist businesses throughout South Wales with the proposed changes, Bevan & Buckland has also been busy developing a specialist app for their clients. The app will work in parallel with Xero and QuickBooks, allowing users to update their records as they go about their daily business. Using the mobile app, people can even photograph receipts or invoices using their phone and upload to their digital accounts.
“We are keeping pace with technology and adjusting our business processes in line with what our clients need in the new digital world that we live in. The digital seminars and eventual introduction of our new mobile app will ensure the businesses and self-employed individuals that we work with are well prepared for the changes ahead,” concluded Harri Lloyd Davies, Partner at Bevan & Buckland.