By now people should be aware of the impending arrival of Making Tax Digital. Staging dates are:
- April 2019 all vat registered businesses for VAT and with turnover in excess of £85,000 per annum
- April 2020 onward – precise date awaited – for Income Tax, NI and Corporation Tax
One aspect of MTD is the need to use an accounting package to send quarterly updates to HMRC.
In anticipation of this we’ve partnered with FreeAgent, a well regarded accounting software package for small businesses.
Natwest and RBS business customers are able to get FreeAgent free of charge.
Whitefield are able to offer a discounted subscription to our clients who are not with Natwest or RBS:
|Normal cost||Whitefield cost|
|All prices monthly and exclude VAT. Available to registered clients of Whitefield Tax only.|
Theres no requirement to use this package – if you have another in mind, thats fine, we will try and support all of them, our aim is to be “open platform”
And what of spreadsheets? HMRC are suggesting people will be able to continue using them, but they will have to connect to HMRC “via additional software” (“bridging software). There are a few “bridging software” options around, but these have sprung up only quite recently. Quite how robust and reliable bridging software is likely to be remains to be seen. Most have not yet been put through public testing and feedback to any great extent, but doubtless all will become clear once MTD for VAT gets started. It appears that spreadsheet based “bridging software” may only be compliant for a year or so during soft landing.