Making Tax Digital (MTD) for VAT will be live from 1 April 2019.  It will require VAT registered businesses with taxable turnover above the VAT registration threshold to keep records in digital form and file their VAT returns using software.

At M+A Partners, the main MTD compliant systems we work with are:

Desktop

Traditional software installed on Windows PCs

  • Sage50 is long established in the UK as a popular accounting system.  It follows traditional bookkeeping methods.  Now only available on monthly subscription with typical costs ranging from £10 to £125 per month.  Existing users will need to upgrade to the latest version.
  • Farmplan has worked closely with clients in the agricultural sector for many years and were early in their preparations for MTD.  Monthly costs start around £15.

Cloud Systems

Allow access from different devices and locations and can often automate part of the bookkeeping process.

Each system has its merits and will suit different clients.

  • QBO is straightforward and a good introduction to cloud accounting.
  • We find Xero to be a little more flexible in some cases, for example with easy exports to Excel or pdf and better integration with other apps.

Monthly charges are typically £11 for QBO (the plus level) and £20 for Xero standard.

Both systems can be set up to import transactions from your bank – with many banks this can be automated, saving considerably on manual data entry.

Many of our clients also use Receipt Bank which for an extra £10 per month will extract the information from purchase invoices, either by scanning or capturing a photo on a smartphone.  This can save even more data entry by posting directly into either QBO or Xero.

There are also some useful videos on our YouTube channel – click here.

Contact our Business Services team to discuss the best way to get you set up on a system that works for you.

Email: BusinessServices@mapartners.co.uk

Call David Talbot or Gary Brown on 01603 227600

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