The Digital Revolution Becomes Taxing

What was once a choice for the more tech savvy...

Abacus Jack was set up to provide digital bookkeeping to contractors and small businesses. At its most simplistic level, our online portal replaces the well used spreadsheets, paper trails, and boxes of receipts that so many small business have used for years.  However in reality digital bookkeeping offers a lot more, such as automated bank reconciliation, invoicing, e-payments, data security, and unlimited support.  Many business still operate with paper and spreadsheets, and don't feel the need to change.  That's fine, until such time as HMRC’s digitalisation of the tax system starts to come into force over the next 18 months. This new legislation means businesses will no longer be able to manage their bookkeeping, accounts and taxation in the manner they do now.

Will soon be a necessity for nearly every type of business...

Under the “Making Tax Digital” legislation, every business will be expected to become digital and use a digital service to manage accounting commitments.The Government is currently finalising proposals that will become law from April 2018. The proposals state that businesses will need to send information relating to their business finances to HMRC digitally. Essentially this marks the end of the annual tax return; instead information will be sent more often, and via online services only. HMRC has confirmed that they will not be providing their own bookkeeping / accounting software and that the use of “digital record keeping software that links to and updates business’s digital accounts with HMRC” will be mandatory.

We are here to help

Abacus Jack is a refreshing and digital way of managing your business finances and accounts. We provide all the normal accountancy services you would expect, but without the paper trail, the jargon, the complexity or the cost associated with traditional accountancy. More importantly we are fully compliant with the forthcoming HMRC "Making Tax Digital" legislation.

For more information read our guide on "Making Tax Digital - What does it mean?"

If you are interested in finding out more about Abacus Jack services please visit www.abacusjack.co.uk, email info@abacusjack.co.uk or speak to us on 0191 486 2126. 

We are a friendly, fun and approachable bunch. You never pay extra for advice or support and you can ask us as many questions as you need - until you are completely satisfied with the answer.