I am a Chartered Accountant, in private practice as a sole practitioner since 1985
I started a thread a week or so ago, when I first heard about VT giving up the idea of adapting VTT+ to MTD. I wanted to know if any other software could compare for the ease of data entry. Specifically, it's the importing via a csv file, the ability to move entries from one account to another, to match off entries, to change periods, to export as an excel file, what other software can currently do these things. I've used Xero and QB, and it all seems so laborious by comparison. Still wondering!
I'm thinking of hairdressers, where the cost of products used is going to be more than 2%. There must be plenty of this kind of service business which
are not affected.
It's too much to hope that the tax year end could be changed to 31 March. Oh no, much too simple. At the moment, there seems to be complete confusion over who starts to file under MTD from when. I think HMRC are assuming most have a 5 April year end, although I would say most account to 31 March. This appears to provide a further year before one has to get involved. On or after 6 April 2018, now postponed to 6 April 2019, means the first period will begin on 1 April 2020
Much too simple; HMRC will never go for it!
It would be great if business organisations got involved. But if you look at the Federation of Small Businesses website, there isn't much on MTD, and what there is appears to be pretty much in favour, and very little by way of critique of the proposals, and nothing recent. There are also plenty of accountants websites appearing to praise the coming revolution, or just re-presenting HMRC's view. It's only on AW that I have seen what I regard as cogent criticism
I didn't attend the webinar. I agree with all the criticisms concerning the pointlessness of it all, and the plight of small businesses who don't wish to cope with digital record keeping. What I am beginning to ponder is the situation of medium size businesses, who maintain standard accounting software, often bespoke in nature. How are these going to cope with quarterly reporting? Within the proposed time frame?