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DENTAL

Making Tax Digital

Are you ready? WE ARE!

Making Tax Digital (MTD) is the most significant change in tax legislation for a generation. Fundamental changes to the way accounting records are maintained and the frequency of reporting to HMRC will occur.

By law, accounting records must be maintained in a digital format. Business income and expenditure will need to be transmitted to HMRC quarterly. At the end of the financial year, annual accounts will have to be prepared and a final submission made to HMRC along with an annual Tax Return.

Dental practices, Associates, Therapists and Hygienists are expected to be fully MTD compliant by April 2020, with the first quarterly transmissions to be made in July 2020. We have been planning our approach to this and how we help our clients comply since it was originally announced.

Changing the way records are maintained takes time to implement. Therefore we are encouraging our clients to start using our Cloud Services as soon as possible to ensure full compliance and readiness once MTD commences.

Using MOCO Cloud Solutions ensures that your records are always up to date with a permanent backup of your data. You will also be able to access reports to see your profits throughout the year. This will allow you to plan your finances in good time. 

You will get all the help and support you need to be ready for MTD when it becomes mandatory.

MOCO CLOUD SOLUTIONS INCLUDE ALL OF THE FOLLOWING:

 ONECLICK

  • Your secure communication hub to MOCO 
  • Relay messages and files securely
  • Receive alerts and deadline notifications 
  • Digitally sign documents

 

Associates/Hygienists/

Therapists

Principals

CAPTURE

  • Document Scanning App
  • Use your phone to scan your Pay calculations and expenses
  • Automatic processing of scanned expenses
  • Full secure backup                                                                                                                     

CAPTURE

  • Document Scanning App
  • Use your phone to scan expenses paid from your own pocket, or for significant items of capital expenditure
  • Automatic processing of scanned expenses
  • Full secure backup

BOOKS

  • Secure connection to your bank account
  • Detects key expenses not covered by Capture
  • Full secure backup of your transactions

BOOKS

  • Secure connection to your bank account
  • Fully inclusive book keeping handled by MOCO
  • Quarterly practice financial reports with KPIs