According to HMRC Statistics, about 10.39 million customers completed their Self Assessment before the 31 January Deadline. Of that about 9.24 million (89%) has opted to complete their Self Assessment electronically using the HMRC online services. Although these figures are promising for Making Tax Digital (MTD) initiative by HMRC which is to be achieved by 2020, from April 2018, there will be no more paper tax submissions and all the businesses have to submit the Self-Assessment online on a quarterly basis using an accounting software. How soon the remaining 11% customers will adapt to this shift in the digital tax submission trend is open for debate and has been criticised by many in the accounting sector.
But as an Accounting Software provider, we believe that we can make that MTD shift happen with our Reach Accounting Software. If you are an existing business and do your business manually or on excel document then to use Reach Software follow these simple steps below.
1. Visit our website www.reachaccountant.UK
2. Login to the backend with your Facebook login credentials.
3. Choose the Company –> Choose the Financial year –> Before clicking on the Home Branch click on Action then update the details to customise it with your business details, logo, currency and Save. Now click on the Home Branch to view the dashboard.
4. Click on settings on the far right –> From the drop-down options Click on settings –>
From the left side menu click on accounting ->Tax Class to set a VAT Tax Class and save it.
Next click on accounting –> Taxes to set VAT 20% for the UK.
Once you have set it as seen on this image, save it.
5. From the top menu bar select the right option to make the entries such as income, expense or invoice, etc.
6. Click on Accounting tab to create journals and Contra.
7. Clicking on Reports to access all the necessary reports such as Profit/Loss reports and Balance sheets for you Self Assessment.
Check out this Infographic to compare Reach with other software providers. If you want to move from Quickbooks, Xero or Sage then simply download the reports as Excel and Upload it to Reach software. We can show you how to do this via Skype chat.
If you are a startup, then the best option for you would be to use our Reach Robo Accounting Chatbot on Messenger for managing the business income, expense management, invoicing and accounting on the go. By using our Food Ordering Chatbot businesses like Cafes, Restaurants and Takeaways can combine their Inventory Management with Accounting on Messenger.
Do make use of our 45 day Free trial period to get your year end tax returns done. Follow us or send us a message via our Facebook Page where we keep others informed about new products and promotional deals.