Making sense of MTD A Rough Guide
Author: Roy Mitchell Director Sturgess and Co. Ltd
This is a simple guide to what is going to happen. It is not a legal document nor is it advice. For that I would refer you to VAT notice 700/22
Who does it affect?
Anyone registered for VAT that has a turnover exceeding the current VAT threshold of 85k
When does it start?
From your first return after April 2019.
My turnover is below 85k?
You are not affected on this first tranche, but be prepared for 2020. It is likely more if not all VAT registered business`s will be included
What do I need to do?
Possibly acquaint yourself with the key points in the notice 700/22, but the most important is to start using a digital record keeping system
Book keeping systems
We don`t recommend any system as we do not want to be guilty by association! Some people like cloud accounting, others hate it. If you have a grasp of double entry (debits and credits) then you are halfway there. If not you might want to consider a WYSIWYG, such as VT or Clear books. Otherwise its just a matter of ploughing through and finding what suits your taste and budget
Free Book keeping software
There is free software available to you. They are a little basic but it’s a start.
(micro is free)
What does Sturgessonline do?
We don`t get involved with book keeping, but we are able to file MTD VAT returns. We only charge £25 plus vat for each return we file so long as the data is reasonable. We also ask you to use us for your other accountancy requirements such as payroll and company year-end accounts.
Our key aim is to ensure that any business that currently uses Excel book keeping and is happy that way does not feel obliged to sign up for cloud accounting. Equally, we are able to handle data stored in accounting packages
We have a wealth of experience with all type of data including Sage, Quick books, Xero, Freeagent, TAS Books and many others
We offer a complete service including VAT filing, Payroll, Accounts production and personal tax returns
Feel free to call us to discuss your requirements
Director Customer Services
Accounting for today’s World