Like others, I am watching the MTD developments with interest. I am fortunate that they don't affect me too dramatically, as I only have a small handful of private clients to go with my industry job - but even so I still need to keep aware.
This week, I was carrying out the bookkeeping for a friend (painter and decorator). I was presented with a nicely organised file of source records, but no actual analysis.
The year's work took a few hours using my old faithful VT Transaction - which also gave me a nice printout to show the client.
However, I think it would have taken at least three times as much, if not more, if every fuel receipt had to be scanned and appended to a transaction.
Now, I don't really want to send everything to Receipt Bank - and it seems sad that everyone my end up being forced down this type of route.
Of course every transaction will already exisit in at least two electronic forms:
1) The receipt or invoice from the supplier will be recorded on their systems
2) The bank payment is already electronic.
Why are we ending up having to create a third electronic copy of the same transaction by scanning in a paper receipt and generating a third version?
Surely, if the mandation had been to incorporate VAT information in to bank payment transactions, this whole sorry saga could have been avoided - together with some standard industrial classification of the sale line?
Of course, this won't cover the carbon copy invoices passed from one small trader to another, but it would go a long way.
If we can pay with smartphones, then surely we can't be that far away?