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how to make tax digital...

with document solutions

Did you know that tax is going digital? The UK government has announced its new Making Tax Digital strategy, paving the way for mandatory digital taxation for corporations. A confirmed date hasn’t been announced for the switch yet but it could be as early as 2026.

Digitisation in the office increases productivity as less time is wasted searching for and storing documents. It also minimises the risks of documents getting lost, damaged or stolen. Additionally, scanned documents can be easily tracked with an audit trail, preventing GDPR issues.

Making Tax Digital is intended to make it easier for businesses and individuals to complete their taxes correctly while allowing them to keep an eye on their taxes in real-time. The latest tax gap figures from 2018 to 2019 show that avoidable mistakes cost the Exchequer £8.5 billion. The new system aims to improve accuracy and transform tax administration so that it is:

o More efficient

o More effective

o Easer for taxpayers to get their taxes right

Similar to online banking, users will be provided with an online account where they can own and manage their taxes.

Print and scan solutions Digital processes using printers and scanners help transform time-consuming tax admin into smooth and effective operations. Users can scan, tag and retrieve many document types such as receipts, invoices and train tickets, providing an effective way to store the documents required for VAT, personal tax returns and corporation tax returns.

Devices that can be managed from anywhere are vital for agile workforces. Users can save files to a preferred destination like the cloud for security. Documents can be scanned on the go using a smartphone or tablet, ensuring the data can be accessed and edited remotely.

Making Tax Digital with document solutions will align businesses with new government guidelines and help streamline processes, relieving the stress and risk of managing physical copies.