Posts from March 2019

Here Lucie explains how one business owner regained control of his bookkeeping and VAT returns. 
It’s easy to lose track of your financial records. In this case, a business owner just hadn’t had time to find a replacement when his previous bookkeeper left. 
When he realised that his VAT return was due the next day, he knew he was going to have problems – he hadn’t done any bookkeeping for five months. 
Case study- catching up with your records- VAT, Hubdoc, expenses, Xero
Setting up a VAT registered client with Xero & Hubdoc 
Over the past few weeks I have set up a new client on Xero as they have registered for VAT and wanted to ensure everything is being done correctly. I have been working with the client to add all their information back to the start of their financial year so they have accurate accounts when it comes to year end and we are reclaiming the VAT for the allowable purchases since they took over. 
We have been using the Hubdoc app to input all the recent invoices and some of the historical ones, this has helped to get them organised about how they will do this going forward. 
Using a bookkeeper ensures clients are aware of all new legislations as they come in to force and assisting with the transition to Making Tax Digital. 
There is confusion about Making Tax Digital, what it means for businesses and when and what it is compulsory. 
Cloud software companies would love you to believe that you have to have online accounting software, but you don't. if you want to continue using spreadsheets that is fine as long as it is attached to Bridging Software. There are many options out there to have a look at. 
That said, some businesses are using this as an opportunity to move to cloud software and streamline their paperwork by going more cloud based. 
The first compulsory MTD returns don't start straight away in April. They start from the first VAT quarter that starts after April 2019. 
Making Tax Digital 
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