Best Bookkeeping Software for Making Tax Digital?

Gary Green
Gary Green
February 19, 2019

From April 2019 HMRC will press on with their ambitious plans to launch Making Tax Digital (MTD).

As part of Team UK’s plans to become the global digital leader, businesses are being forced to move to online bookkeeping systems to file financial records starting with VAT filings for businesses with a turnover above the £85,000 VAT threshold.

Best Bookkeeping Platforms For MTD

Many of our clients ask us to provide advice about what bookkeeping packages to use and, in general, we recommend Xero as our bookkeeping platform of choice to 99% of our clients as it is simple to use and easy for us to train you how to do your own bookkeeping. However, for retail clients requiring stock management then we recommend Sage200.

We offer a migration service for a small fee where we will migrate the current bookkeeping records, set up the system and give you training at the same time. This should allow you to provide your own bookkeeping ongoing with us in support and the costs included in our annual compliance fees.

We also provide a ‘review and file’ VAT service, included in the annual compliance fees, where we will review your VAT returns, make suggestions and recommendations before filing your return on your behalf. This will improve your processes as we feedback ‘best practice’ advice to you and allow us to monitor your development regularly at a senior level.

How To Manage Your Accounting

We can also provide bookkeeping services for you as your business grows and your time becomes limited. You can also have the option of using our bookkeepers in the intermediary growth phase until you have the need for a fuller time employee who can take over these tasks. This will allow you to control your spend and set budgets and access to systems remotely as required.

For retail businesses, we recommend splitting the financial bookkeeping role from the stock management role and having a two-person bookkeeping department. We provide this service as an interim, outsourced financial controller and purchase manager for larger companies.

Please get in touch about how we can implement those systems for your business. We are moving all VAT registered clients to digital systems now if their year-end overlaps April 2019.

Interested in our services?
Fill in your details and a member of our experienced team will be in touch shortly to discuss your needs.
We adhere to strict GDPR rules and do not reveal or sell your data to any third-parties. For more, please read our Privacy Policy.
Latest Insights
March 4, 2022
An Overview of EIS (Enterprise Investment Scheme) - All You Need to Know

There are several benefits for the EIS, or Enterprise Investment Scheme, to make this an interesting...

March 3, 2022
Tax Relief for Angel Investors: Gary Green's Webinar for Stakeholderz

Key Business Consultants' principal Gary Green spoke with Stakeholderz discussing the SEIS & EIS scheme and...

February 23, 2022
What Are EMI Share Schemes? All You Need to Know

If you are considering awarding shares to your employees, an Enterprise Management Incentive is often the...

January 31, 2022
Payments on Leaving Employment: How to Reduce Your Tax Liability

Normally the process for leaving employment is quick and straightforward but this is not always the...

January 17, 2022
HMRC Investigations: What You Need to Know

Discovering that you are being investigated by HMRC can be very stressful, even if you are...

January 14, 2022
Business Transactions - Guide to Planning and Executing Efficiently

There are some transactions in business that are significant and require substantial forward-planning to be a...

January 12, 2022
Why Employee Equity is an Important Issue For Every Business

Being a business leader is about being willing to embrace innovation and be flexible about how...

January 10, 2022
An Employer’s Guide to Settlement Agreements

If you need to terminate the contract of an employee, a properly drafted settlement agreement can...

January 7, 2022
Taxation of Private Company Shares - What Should You Know?

Many companies opt to reward their employees with shares or options because of the manifold benefits...

View Our latest insights »
Get the latest UK tax & business news and guidance delivered straight to your inbox
We care about the protection of your data. No spam. Unsubscribe anytime.
Copyright © 2022 Key Business Consultants LLP. Reg: E&W OC389322
linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram