For Immediate Release
Contact Information
Lall Ondhia
Street – 8-10 Station Road, Manor Park
City – London
Country – United Kingdom
Postcode - E12 5BT
Phone - 020 8478 5054
Email - [email protected]
Website - https://lallondhia.com/

By 2020, the majority of the businesses, landlords and freelancers need to update their Corporation Tax obligations via the new HMRC. The HMRC services will be available via cloud-based tax accounts. For Income Tax and National Insurance, the businesses with turnover being at least £10,000 must update HMRC quarterly via digital accounting. As the rapid changes are taking place across the UK tax scene, accountancy firms like Lall Ondhia are rising to the challenge of helping businesses with their accounting compliance. Such audit firms in London also offer statutory auditing when the companies have less than fifty staff members, balance sheet is under £5.1 million or turnover being below £10.2 million.

Aiding Small or Large Businesses with the UK Tax System: The new HMRC initiative is set to change the UK tax system and it is likely to terminate self-assessment. Making Tax Digital requires self-employed people, small or medium business, landlords and large corporations to keep digital records through accounting software. From April 2019, it is compulsory for VAT-registered businesses with a turnover above £85,000. However, the digitisation is likely to have an impact on every taxpayer.

One of the main reasons to rely on the initiative is to eliminate man-made errors. The whole procedures of checking data and digitalising invoices will become effortless in a bid to target accuracy. It will also become easy to locate the invoices. In case, there is a duplicate invoice, the system will send notification automatically. The cloud-based access can approve the payments on time.

However, understanding the whole system is quite difficult for a business still depending on a shoebox of receipts. You can learn more about the whole system by logging into https://lallondhia.com/.

About Lall Ondhia: Their offices are based in London; Lall Ondhia has been serving a wide range of efficient accountancy services for clients in manufacturing, IT, charities, advertising, pharmaceuticals and property businesses. To know more, visit https://lallondhia.com/.