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Do I need accounting software?

A dedicated bookkeeping service or software can save you a lot of time, energy and effort by handling your financial administration for you, especially as HMRC moves ahead with its Making Tax Digital scheme.

They can save you money on accounting costs, as your records will be regularly kept up to date, free up your working time from administration, and let you focus on running your company.

If you want the best of all worlds, a combined service that provides bookkeeping and accounting services via easy to use software will ensure that your taxes are professionally managed and you aren’t spending hours of your own time on keeping financial records.

Currently, VAT is the only tax that must be submitted through MTD, but you can already sign up to submit your Self Assessment Tax Return through it as well, and to do either, you or your accountant need compatible software.

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