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?
Accounting degree, CIMA qualified. Added ATT in recent years. Working in the SME sector as FC/FD. Previously worked for UK subsidiaries of Canadian and Chinese parents. (different jobs...)