Are you a small business struggling to keep up with Making Tax Digital? If so, computer leasing could be the solution you need. With a flexible way of obtaining and upgrading IT equipment without paying the upfront costs, businesses can make the most of their budgets and stay on top of ever-changing technological advances – all whilst meeting HMRC’s changing requirements. In this blog post, we’ll discuss how computer leasing can help your business save money and effort in managing its tax affairs.
What is Making Tax Digital?
Making Tax Digital is an important initiative by the government to get small businesses and self-employed people to keep accurate digital records and complete their tax returns more efficiently. This modernised system leverages the latest technology to save businesses time, money, and resources by automating tasks such as calculating taxes automatically and processing data quickly. Making Tax Digital helps business owners comply with tax regulations and makes previously complicated processes much more straightforward.
The implications for small businesses
Whether you operate as a sole trader or run a larger business, keeping reliable and up-to-date records of your financial income is crucial. With the increasing digitisation of the world, people in business for themselves, such as freelancers and small businesses, need to take note of Making Tax Digital. This initiative started primarily with VAT-registered companies, but by 2024 any business earning over £10,000 per annum will be affected. Making Tax Digital is already impacting how businesses manage their tax returns, with a higher reliance on digital submission and filing methods becoming the norm. Ensuring you are up to date on the changes that Making Tax Digital will bring is fundamental for anyone looking at running their own business soon.
Making Tax Digital signals a significant shift in how businesses handle their income tax returns, transitioning from manual paperwork to digital record-keeping. As part of this change, HMRC has made it mandatory for all companies to store these records in one of their approved bookkeeping and accounting software programmes to maintain the highest accuracy and efficiency. All businesses, including sole traders, must invest in suitable computer hardware and an appropriate accounting software package.
How can IT Leasing help with Making Tax Digital?
Considering the upcoming changes in Making Tax Digital, many small businesses may struggle to access sufficient hardware and software resources. Leasing computer hardware is an excellent solution for small businesses due to its cost benefits and convenience; it helps reduce capital costs substantially and can be as flexible as needed.
Additionally, leased computers can help facilitate compliance with Making Tax Digital regulations, such as maintaining business records and digitally preparing and sending quarterly updates and end-of-period statements. Thus, leasing hardware is a viable option for small businesses looking to be both compliant with Making Tax Digital requirements and financially prudent.
With the help of RND-IT, your business can lease state-of-the-art MacBooks, computers, tablets and other industry-standard devices. This way, you can access reliable equipment and be ready for Making Tax Digital when it becomes mandatory in 2024.
Choosing compatible computer hardware for Making Tax Digital
As digital record keeping becomes compulsory for businesses in 2024, companies must have the correct computer hardware and software to sign up for Making Tax Digital for Income Tax. RND-IT can help your business seamlessly transition by providing bespoke IT leasing solutions. We understand the confusing options available on the market, which is why we will put your business in the best position to choose the proper computer hardware for your needs.
Make the intelligent choice and partner with RND-IT to ensure your business is ready for the transition. Start your journey towards digital record keeping today with expert help from RND-IT – call 01183224489 or email [email protected].