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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.