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 2021 onward – precise date awaited – for Income Tax, NI and Corporation Tax
One aspect of MTD is the need to use a software 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, and we can add this to our portal to access your data.
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”. However FreeAgent does offer a significant advantage in us being able to easily access and review your data, and all other factors being equal its easier for us to have clients on common platforms.
And what of spreadsheets? Under MTD it is still possible to use Spreadsheets, however so called “bridging software” needs to be used to connect your spreadsheet to HMRCs servers via API. Our review of the bridging software market was disappointing in terms of reliability, usability, and compliance with HMRC guidelines. As a result we don’t recommend this route.