News

The accountancy profession continues to experience a large change as it continues to shift further into the digital age and automation.

What has happened so far?

25 years ago in 1997, HMRC introduced the Self-Assessment tax regime which brought about major changes to how tax returns were completed.

Roll forward 10 years to 2007 and accountants were able set up their own HMRC Agent account which enabled the filing of tax and vat returns online.

5 years later and in 2012, it was made compulsory for nearly all VAT registered business to file their VAT returns online and pay any VAT due electronically.

In April 2019, HMRC’s first phase of their ‘Making Tax Digital’ programme was introduced, for VAT requiring the majority of vat registered businesses to record their records digitally and file their vat return online using API enabled software.

Making Tax Digital is now moving into its second phase and from April 2022, this will extend to all vat registered businesses, regardless of turnover and from April 2024, MTD for Income Tax Self-Assessment (ITSA) will be introduced for unincorporated businesses and landlords with income over £10,000.

What does all this mean?

Since 2014, Gascoynes have been promoting this shift to cloud accounting software, specialising in QuickBooks and Xero. This has brought about a huge change in how we work and service our clients.

Moving into 2022 and Gascoynes now have a great majority of our clients “in the cloud” which enables us to continue to adapt and refine our processes and take advantage of the continuing advances in digital technology with the apps and data analytics available. In turn, clients now see their finances in real time and have a whole host of reports and accounting data available to them which allows them to understand their businesses better.

Where do we go from here?

Bluntly, accountants need to move with the times!

We have a huge amount of software and apps at our disposal, and it is our job to ensure that we make the right choices for our clients.

Gascoynes were an early adopter of cloud technology which has given us the time to review the key players in the accountancy market and therefore we pride ourselves at being at the sharp end of change as it happens.

This gives us the ability to not only streamline our clients bookkeeping but also to provide a whole host of value-added services to help support their businesses and future decision making.

We have therefore looked at everything that the current accountancy market demands to develop a simple solution for our client’s bookkeeping needs.

Gascoynes Connect offers our clients a complete package that will not only help them save time in their record keeping but also allow them to monitor their business activities as well as ensuring that their business is ready for Making Tax Digital.

Gascoynes Connect is based around bringing your bookkeeping online, with the use of software, apps, and procedures. We will look to utilise apps and software that will streamline your bookkeeping as well as making sure your records are complete, robust and give you the ability to have real time reporting at the click of a button.

A list of the software used can be found on our dedicated page here.  We also have useful links in our resources section linking you to the apps and software you will be using, as well as YouTube tutorial videos and useful tips and much more.

You’ll be allocated a client manager as well as other useful contacts to make sure you always have someone to call with any queries and advice. Your client manager will speak to you on how best to tailor the bookkeeping services to best suit your needs and support will be given to create the best procedures.

With our accounting solutions, training, and useful tips, you’ll free up more time to focus on what really matters to your business. After all who wants to spend all their time punching in numbers and making sure your accounts are up to date?

Finally, we understand how important it is to know your expenditure. With Gascoynes Connect, there are no hidden costs, and you’ll always know exactly what you are paying, and what you are paying for! We will discuss your bookkeeping needs and in turn be able to advise on the services which are best suited for your business requirements, and a pricing plan that will work best for you.

Most people wince at the idea of paying their annual accounting fee. With Gascoynes Connect we offer a monthly direct debit that will cover your ongoing monthly, quarterly, and annual record keeping.

If you are interested in learning more about Gascoynes Connect, and how it can benefit you and your business every day, please get in touch today and we will be happy to discuss.