Now a seasoned pro and with MTD for VAT just around the corner, Cheryl outlines why this scheme is an opportunity for firms and their clients.
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Why did you set up your own firm?
I’m a mum of five so I’m certainly kept busy. One of the reasons I set up CH Accountancy was so I could be more flexible and spend more time with my kids.
CH Accountancy is a practice run by mums for other parents. We typically work with sole traders and small limited companies.
(Above: Cheryl Price, the founder of CH Accountancy)
What’s your experience with Making Tax Digital so far?
I’ve found the digital switchover smooth and simple. Since filing our first digital VAT Return in July 2018, we have gone on to onboard nearly all of our eligible clients, ahead of the April 2019 switch date.
We recently had our first VAT inspection of a return that was filed under the MTD scheme. It was so easy to find the return and show the invoice in question from Xero. The inspection was over before I knew it.
Whether it’s up to date financial information or cash flow forecasting, MTD is really a chance to show clients what else accounting software can do for them.
What do you think of Xero’s Making Tax Digital functionality?
So far, we’ve onboarded 35 clients using Xero’s MTD functionality.
As the pilot programme has progressed, I’ve noticed Xero’s functionality has become slicker, with more information pulled from HMRC so you can easily view your account balance and what needs to be paid.
The new little dashboard function is a great feature too – with everything in one place, it saves us lots of time.
What would you say to the firms that aren’t Making Tax Digital compliant yet?
As somebody who has been there, I can assure you it’s not scary or difficult.
The sooner you jump on board, the sooner you can start benefiting from a more effective and efficient way of doing your clients taxes.