The Easy Transition to Making Tax Digital
Since the introduction of Making Tax Digital (MTD), manual records are no longer suitable and will not comply with the requirements set by MTD. Our client was using a manual cashbook to process their monthly VAT return for their farm, and needed to discuss the implications of MTD for their business.
How we helped our client
We reviewed the options with the client, involving learning the clients processing procedures and understanding their style of working. We discussed the various record keeping options with the client ranging from outsourcing their bookkeeping to us, to the client maintaining their records on cloud accounting software. As a result of these discussions, we have now set up a spreadsheet for our client to maintain their ongoing books and records.
This solution, combined with our bridging software, will allow our client to be compliant with the requirements of MTD for VAT. The spreadsheet was designed to resemble the client’s old manual cashbook, in order to keep to similar layout that the client could easily relate to, meaning that while we implement changes to our clients process and records to comply with MTD, it should still be familiar to them so that they can follow what is needed from them.
With our personalised approach, each of our clients receives an individual solution to their record keeping requirements.
For more information or to discuss your circumstances, please contact the Making Tax Digital Taxperts.