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MTD - friend or foe in practice?

Whether Making Tax Digital will create opportunity or headache for accountants and bookkeepers

I wonder..

Will the requirement to keep digital records mean an uptake in cloud accounting software and increased efficiency in the collaboration of bookkeepers and accountants?

Or will the real beneficiaries of the process be the software developers? Seing as spreadsheet and desktop clients will be able to remain exactly the same with a bit of "bridging software"? And will that be passed on to clients?

 

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16th Aug 2018 22:51

Good for everyone down to micro-businesses.

Bad for nano- and pico-businesses.

Femto- and atto-businesses will just give up and go on the dole.

Cue big hike in social security costs ........

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17th Aug 2018 10:21

Not one of my clients are remotely interested in MTD.
All they want to know is how am I going to comply with it on their behalf.

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By Maslins
to meadowsaw227
17th Aug 2018 13:47

Indeed! I know a lot of web developers felt the same about GDPR ("make my website compliant, no I won't pay extra for you doing that").

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to meadowsaw227
17th Aug 2018 13:57

meadowsaw227 wrote:

Not one of my clients are remotely interested in MTD.
All they want to know is am I going to comply with it on their behalf.

Deleted a word, since I suspect you didn't mean it to be there.

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17th Aug 2018 10:29

I can see no opportunities whatsoever with this idea - just more (probably unpaid) effort to comply.

I don't see any change to my client base. What I have seen already are sole practitioners retiring as a result of MTD. I think this is an over reaction but I can understand them.

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23rd Aug 2018 23:52

I've been consulting with team of developers from http://filemyvatreturn.co.uk who are in the testing phase of this mysterious 'bridging software' and I tell you now, spreadsheets are not dead at all! Cloud software isn’t for every client as we all know!
If your like me and have many clients that still use bespoke spreadsheets (note I also have a great deal more on cloud software) then it will be worth registering your interest with http://filemyvatreturn.co.uk to be kept in the loop!
I'm told they plan to have it ready for the new year and it will be in the form of an add-in which will bolt on to any excel spreadsheet.

Long live spreadsheets!

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to David McCaigue
24th Aug 2018 00:42

David McCaigue wrote:

I've been consulting with team of developers from

Well thanks for the shameless plug but I think you are getting excited about something that is not as innovative as you seem to think it is. At least 6 of the major software suppliers have already or soon will be releasing their bridging software for Excel so you should probably try them first as they have a proven track record and already have tens of thousands of customers between them.

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to Tim Vane
24th Aug 2018 09:09

Which major software providers? I've not heard anything... don't understand why an accounting software company would solve a problem for the very thing it is competing with and trying to divert people away from.

As for the shameless plug, this mysterious "bridging software" is simply a made up name thrown about willy-nilly but few people actually know what it is, how it must be incorporated into a spreadsheet and how it will actually work... didn't realise software companies had tens and thousands of excel customers either :/

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