The MTD initiative is being driven by the Government and will eventually force all Small Businesses to report accurate financial information to HMRC on a quarterly basis. Understandably, many business owners are up in arms about the new reporting requirements which means yet more compliance obligations and possibly increased costs.
Unfortunately, MTD is unlikely to go away, so rather than focusing on the negatives, why not look at the benefits of having up to date financial information? After all, you’re probably going to change the way you produce data anyway so why not look at it as an opportunity to benefit your business? Producing the right information can profit you by:
- Accurately gauging how your business is performing
- Better Cashflow
- Increased Sales and Profits
- Making sure your business doesn’t pay any more tax than is absolutely necessary
- Better Risk Management
- Better Stock Control
- Ensuring that you are better informed when making management decisions
- Achieving Competitor Advantage
- Helping you plan better
- Identifying information you need to run your business
Of course, you need to have the right systems in place to produce the information that your particular business needs. However, I can help you with this and at the same time make sure you comply with your reporting obligations to HMRC.
If you feel I might be able to help you, please contact me. And don’t forget, our first meeting is free and on a no obligation basis!