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MTD and Cash traders

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I am wondering what others are doing with regard to cash traders such as Take-aways and Restuarnts.

As far as I am aware the same cash balancing is required for such entities ( most use a collins complete trader book ) . Usually we would complete a manual cash Account and then fill in the relevant gateway boxes to file the return. We have a person at HMRC who is saying that this should now be recorded digitally.

Would this mean that the client has to keep the originial weekly balanced cash record and then we as the Accountants have to key all this data on to a spreadsheet or something like Xero ? Given our clients age range and book-keeping/computer skills they would not be competent to undertake this task.

If you agree that this is the case then surely the job is being done once by the client and then duplcated by us as the Accountant which effectively doubles the work load ?

 

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By Anita14
22nd Feb 2019 21:27

Yes.
HMRC: "Retailers will be permitted to record electronically sales transaction data based on daily gross takings, rather than recording details of each sale where they account for VAT using a retail scheme."

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