Embracing Making Tax Digital to help your business prosper

18 March 2019 / Insight posted in Article

We are noticing a trend among the more dynamic owner-managed businesses coming to us for Making Tax Digital (MTD) advice. The forward-thinking ones are embracing MTD as an opportunity to future-proof their business rather than seeing it merely as a compliance burden.

“These business owners know they need a tailored flexible approach that will enhance the day-to-day business operations that are unique to their business, and are discovering that digital solutions are the way to go,” says Nicki Savill, director of business outsourcing.

At Kingston Smith, we understand the pain points of business owners because we’ve been providing them with outsourced accounting services for decades. So we give them clear guidance on how to become MTD-compliant at the same time as leveraging financial solutions and making their experience as streamlined and automated as possible.

These forward-thinking business owners find that, once all the systems are set up, they have access to invaluable, real-time insight, which helps them make better business decisions, plan ahead and handle any tricky cash flow downturns.

“They come to realise that becoming MTD-compliant is actually a side benefit to the entire process of optimising their business’s efficiency and robustness,” continues Nicki. “And it’s these businesses that will thrive in the future.”

We partner with Xero – one of the leading MTD-compliant software platforms – who reports that many business owners are intimidated by regulation when starting up their company. Gary Turner, co-founder and MD of Xero says: “Small business owners feel overwhelmed by paperwork and rules they don’t have time to get to grips with. Many may see Making Tax Digital as another thorn in their side, but our research also shows that, once business owners get on top of their finances, these businesses often prosper more quickly.”