Making Tax Digital (MTD) Income Tax will be compulsory for all business owners, landlords, freelancers, sole traders and gig workers who have a combined business or property income of £10,000 or more, from April 2024. A HMRC compatible digital software is required for your online accounting.
Getting started with Xero
At Key Accountancy Services, Xero is our chosen HMRC compatible software for MTD – and it’s brilliant for small businesses, landlords and self-employed individuals.
To tie in with the recommended steps already shared, the video and guide below will help you navigate the Xero essentials in a matter of minutes.
The Xero dashboard displays an important financial snapshot of your bank balance, money movement, invoices owed to you and bills you need to pay. The dashboard can be customised with additional information and shortcuts show you what you need to know.
Recommended steps to take next
While we offer a free session to help you navigate Xero, we recommend having a play around with it first because it will be you managing the daily incomings and outgoings.
As your Accountancy firm, we will review your quarterly and annual accounts. We’re also here to answer your questions throughout the year but updating Xero will be down to you.
Using Xero is simple when you get to grips with it, and you’ll be so much more clued up about your financial status.
You may be able to benefit from an extended free Xero trial with some bank accounts – please ask us for details. If not, Xero offer a 30-day trial period to all new subscribers with no credit card required and 24/7 online support.