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Whitefield PSC Spreadsheet

 

Summary

Our PSC Spreadsheet, is an easy way for you to record all of your business transactions, and get them across to us on a paperless basis.

This guide is part of a series. This is the index:

 

PSC Spreadsheet

Our PSC Spreadsheet, is an easy way for you to record all of your business transactions, and get them across to us on a paperless basis.

It is designed to meet all legal record keeping obligations for a business outside of Making Tax Digital (MTD).   Broadly this will be businesses with turnover below the VAT threshold.  VAT is supported in this sheet, but not MTD submissions, therefore businesses voluntarily registered for VAT, and hence not in MTD, can use it.  A business mandated for MTD could use it, but would need bridging software to connect to HMRC systems which we don’t supply – this may be available from a third party.

Where this sheet is used, we do not need to see any paper work from you such as invoices, bank statements, receipts or mileage logs, although, of course, these should be retained (for six years under HMRC requirements).

The system is intended to work with one workbook for each financial year which is updated throughout the course of the financial year. Therefore a new workbook should not therefore be started each quarter, just every year. Because of possible changes in vat periods and a first “year” of a business being more than four vat periods the sheet provides for five quarters – most clients will, of course, only use four.

The sheet is written in Excel – it will function in other formats which read/write to an Excel format, but may give rise to some compatibility issues.

The intended usage cycle each quarter is:

  • You enter up basic data
  • E-mail the sheet to us for checking if you wish
  • If sent to us, we check the data and either e-mail you a corrected sheet, or e-mail you to advise all is in order (in which case, to save bandwidth, we don’t e-mail the uncorrected sheet back)
  • You submit your vat return (where registered) and start to enter up next quarter

A comprehensive set of instructions and a comprehensive example sheet are also available, so look at these before you start.

 

Download Spreadsheets and Notes

PSCaccountsformat.xlsx – NB this does not support filing of VAT returns using MTD, so is only suitable for non vat registered businesses, or those vat registered but below the vat threshold and thus not MTD mandated. It could, theoretically, be integrated with bridging software for filing vat returns under MTD but as a firm we don’t support this aspect.. For companies trading over the VAT threshold we recommend FreeAgent or another suitable software package. See our section on Making Tax Digital

PSC Spreadsheet User Guide – guidance notes on using the sheet (but there are notes and examples in the sheet itself)