Nick Williams, Head of Business Development, UK Accountants, Intuit:
“70 per cent of SMEs are already using cloud technology or are set to do so in the near future. Yet year after year – like clockwork – the self-assessment deadline is a stressor for the 11 million Brits due to file a tax return by 31st January. Much of this stress can be alleviated with online tools that automate this process for small businesses and self-employed workers, freeing them up to focus on what matters most: running their business.
“HMRC wants its relationship with taxpayers to become almost exclusively digital in the near-future, so independent workers and small businesses would be wise to abandon shoebox document collection and explore online tools that automate many of the tedious tasks that come with the tax-filing frenzy. Look for tools developed in line with the VAT requirements set by HMRC to future-proof your business for this change.
“Of course, with the deadline only a week away, a few swift and immediate steps can go a long way toward ensuring you don’t face a penalty. Set aside dedicated time to gather and organise all relevant documents, consult the HMRC self-assessment helpline and consider seeking expert advice from an accountant for complete confidence that you’re filing your return correctly.”