Making Tax Digital

What Is Making Tax Digital?

Making Tax Digital is an initiative due to be introduced by the Government which will affect how businesses and individuals record, maintain and file their taxes with HMRC. This initiative comes into effect from April 2019 and will start with MTD for business above the VAT threshold of £85,000.

All businesses that are above the VAT threshold will be required to use MTD compatible software to keep records of each individual transaction (not summaries) and file their VAT returns digitally. HMRC plans to extend MTD for Income Tax and Corporation Tax from April 2020.

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Making Tax Digital Compatible Software

The good news is that we are already prepared to help our clients as we have been using cloud based accounting software for over 5 years. Xero and FreeAgent accounting software is compatible with Making Tax Digital and are included in our subscription plans.

We are never more than a phone call away from assisting you with your accounting needs. As Certifed Xero Advisors and Premium FreeAgent partners, your 3 Wise Bears Accountant will provide full training on how to get the best out of the software and provide full support throughout the year.

  • Making Tax Digital Ready
  • Xero and FreeAgent Certified
  • MTD compatible software included in our plans
  • Expert advisors on hand to help
  • Full training provided

Helping You Make The Transition

Is your current accountant still working with spreadsheets? Making a change to your record keeping processes can seem a daunting task, especially if you have a developed a system over many years that works for you. We are used to helping businesses transition from the traditional paper filing of receipts and spreadsheet accounting to cloud based accounting software such as Xero and FreeAgent.

Even if you are currently using a different cloud based accounting system, we are adaptable to advise on how to make the switching process pain free. To learn more about how to make the switch to us and Making Tax Digital compatible software, simply contact us and we will do our best to help.

Frequently Asked Questions
We find it helpful to answer some questions up front. For further information simply fill in our contact form or give us a call.
Is it easy to switch from my current accountant to 3 Wise Bears?
Yes, it is a straightforward process. Simply let us know your existing accountant’s details and we’ll take care of the rest.
What is the difference between accountants and chartered accountants?
Although unqualified accountants are subject to the same laws as chartered accountants, ICAEW Chartered Accountants are bound by their Code of Ethics and subject to their disciplinary procedures. 3 Wise Bears are Chartered Accountants.
Are there any other costs that I should be aware of?
It depends on your current situation and if there are any extra services you require. Please get in touch to discuss your requirements further.
Which online accounting software do you recommend?
We are FreeAgent premium partners and a Xero certified advisors. We will always recommend what best suits your business needs.

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Embracing Technology

Technology is at the heart of our business and where possible we always look to introduce software and Apps that save our clients not only time and money but provide better insights into their business performance.

We also understand the importance of the human touch, which is why we allocate you a personal accountant who will always be on hand to help with your accounting needs. No live chats or automated messing systems, our business has been built on the quality of the service we provide and would love to welcome you on board.

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Why Choose Us As Your Accountants

We get to know you: We’ll learn about what you do and understand the industry you operate in, ensuring we always meet your expectations and deliver the best accountancy support possible.

You have one point of contact: Don’t deal with anymore call centres and account managers, at 3 Wise Bears you’ll have your very own expert personal accountant who’ll be your point of contact at all times.

We take care of the numbers: You’ll no longer need to worry about sorting out tax bills and financial compliance for your business – from now on, we’ll take care of it all for you.

Great advice: Our accountants will ensure you keep as much of your earnings in the most tax efficient way as possible, in accordance with HMRC requirements.

Market-leading accounting software: As part of our contractor accounting package, we provide access to FreeAgent or Xero accounting software and provide training.

Speak to the experts

Get in touch today to find out more about our services and how we can help with your accounting needs.

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