Pixel

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
September 27, 2021
Choosing The Correct VAT Scheme For Your Business

Choosing the right VAT scheme is an important step for small business owners and can have a considerable...

September 21, 2021
How to Claim EIS Income Tax Relief in 2021

If you need to know how to claim EIS income tax relief and enjoy what is...

September 2, 2021
Recovery Loan Scheme - What Is It and How Do I Apply?

As businesses seek to re-open and recover from the global pandemic, there are various forms of...

August 16, 2021
The Super-Deduction Scheme - How Does It Work?

You may have heard the term 'super-deduction' recently and wondered if you could be affected by...

August 12, 2021
The Tax Benefits of Non-Domiciled Status for UK Residents

Having a Non-Domiciled Status if you reside in the United Kingdom can have great benefits for...

July 9, 2021
Stamp Duty Land Tax (SDLT) Surcharge for Non-UK Residents

Stamp Duty Land Tax (SDLT) rates have changed again for non-residents buying a home in England...

July 7, 2021
How Is Cryptocurrency Taxed & Do I Need to Fill A Self-Assessment?

Cryptocurrency may live online with no government control or borders, but if you are in the...

July 5, 2021
Venture Capital Schemes: Tax Relief Guide For Investors

When it comes to finding out what tax relief is available for investors using a venture...

July 2, 2021
Claiming Business Asset Disposal Relief in 2021

Business Asset Disposal Relief (BADR) used to be known as Entrepreneurs’ Relief before 6 April 2020....

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 © 2021 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