The Petty Cash Book, something that has worked effectively for years for millions of businesses, will be no more under MTD. Good job it's only going to cost each business about, was it, £32 to implement MTD. They must have taken into account the massive savings that businesses will make not having to buy a new Petty Cash Book every few years.
"(1) Subject to regulation 32B a taxable person shall keep and maintain the information specified in paragraphs (2) and (3) in an electronic form (“the electronic account”).
(b)subject to sub-paragraph (c), for each supply received within the period—
(i)the time of supply,
(ii)the value of the supply, and
(iii)the total amount of input tax for which credit is allowable under section 26 of the Act(1);"
Should we all be advising clients to ditch the PCB as well?