Businesses across the UK are struggling to get to grips with one of the most significant changes to taxation in the last 70 years – Making Tax Digital (MTD).

However, one of London’s top 100 accountancy firms, Grunberg & Co, is leading the charge by helping companies prepare for the introduction of digital taxation in April 2019. This is an important thing to note down about your business in the coming months. You may need to read this comparison between Xero and Quickbooks to see if you’re using the correct software to make the move as easy as possible.

Under MTD, the majority of VAT-registered businesses with turnover in excess of £85,000 will be required to record and report their VAT information digitally to HM Revenue & Customs from April 2019.

The majority of businesses will be able to comply with the new requirements using a ‘cloud’ accounting package, which will also deliver a number of important benefits to firms such as live collaboration with professionals like BrooksCity Small Business Accountants and advisers and round the clock access to their accounts.

Ben Grunberg, Partner at Grunberg & Co, said: “MTD and its requirements may sound complicated but the process for recording and reporting information is relatively straightforward with the right advice and an effective software package.”

Ben is part of a team at the firm that has spent the last three months advising a wide range of businesses on MTD at free workshops as part of Grunberg & Co’s wider crusade to help companies prepare for the new rules.