Making Tax Digital for Retail
Accounting and taxation can be complex areas in the retail sector – including invoice production, payroll taxes, import and export taxation and how to account for these.
Rising costs, reduced footfall and increased energy costs has resulted in a greater need than ever for an efficient financial process.
At Folkes Worton you will work with a specialist accountant who will help guide you through the Making Tax Digital (MTD) compliance processes along with providing you with up-to-date advice on where you can make tax deductions.
It’s important that the right advice is given in respect of accounting for financial transactions and calculating tax deductions to avoid problems down the road, examples of unique considerations are:
- Sales tax reporting
- Payroll processing
- Inventory and management reporting
- Software integration with existing retail systems and inventory control
For sole traders in the retail sector, with the right software app’s, having the facility to take photos of receipts when required and link to the expense within the software should result in a time saving and more accurate accounting records. In addition, with the right solution you should be able to get your chosen software to generate customer invoices and link to your business bank accounts. This should definitely result in administrative time savings and provide much clearer financial information.
Not only this but with online software you can go paperless and discard all physical receipts.
Why do you need the specialists at Folkes Worton:
- Software companies won’t generally be able to give you accounting advice and, even if they did, they might not know about the intricacies of retail, which can have some industry-specific rules.
- We have partnered with many leading software providers and can help you bridge to a new one or guide you through and initial setup.