Posts tagged “MTD”

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 
HMRC have now started sending out letters to VAT registered companies about Making Tax Digital for VAT
Making Tax Digital, bookkeeping services, bookkkeeper olney
This means companies will have to have either accounting software or bridging software in place by April 2019 in order to submit their VAT returns. I have been invited by Xero to be part of the Making Tax Digital for VAT pilot, so I can help companies to be prepared for this in advance. 
Bookkeeping needs to be done in a timely manner as part of this, and this is where LEO Bookkeeping Services can help. 
So... do you know any businesses or sole traders who are unsure about the choice and use of software for Making Tax Digital for VAT? 
Give us a call at LEO Bookkeeping services and we can take the stress out of bookkeeping for you. 
I am very excited about being invited to be part of Xero's Making Tax Digital pilot. Any company can sign up with HMRC to participate in trials but only selected Xero partners have been invited to trial the Xero pilot at the moment. We love using Xero, here at LEO Bookkeeping services and are so pleased to have been awarded Xero Silver Champion! 
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