I have just had a quick look at VT Transaction + for a manual-books client of mine to go onto - it does look very user friendly, and the annual sub quite cheap. Another software house (anagramsystems.co.uk) reckon VT won't be MVD compliant - a bit of a cheek if not the case and so I've emailed VT.
VT isn't MTD ready yet, but they are bringing a new version which will be ready in time for the first MTD submissions, which will be MTD compliant.
For single businesses using VT to submit they need the new version of VTT+ which will be £75 + VAT per annum. Agents using VT to submit for multiple clients will need VT accounts which will be £150 + VAT per annum.
If you've recently subscribed I would guess you wouldn't have to pay again for the MTD version.
If the savings scheme also acts to defer the IT and NIC then I would say it is a fair cop as you can't argue staff are entitled to the money for NMW purposes but argue they are not for tax purposes.
But we don't know if this is the case yet as Mr Walker has withheld relevant facts - but presumably wants us to side with him regardless......
The money is deducted from their net pay every week and refunded on demand. A friend of mine participated in this scheme and found it helpful in putting money aside for Christmas.
If it was used to defer tax and NI the employee would get a bit of a shock when they only get 670 quidish of the 1k they saved on the week it was refunded.
This is a ridiculous stance from HMRC and needs to be killed dead.
Perhaps the biggest question in all this is why the hell are HMRC not telling taxpayers about what is happening!
Oh absolutely. Accountants/Bookkeepers have an opportunity to help small businesses implement the change and I will certainly seek to maximise that for local businesses in my area, but for medium/big businesses it may require changes to bespoke software and I can see the fan being quite mucky once they are aware.
Why the correlation between MTD and online accounts? This was the mantra trotted out by the online software companies, who then got their fingers burnt when HMRC dropped the 2017 deadline and pushed it out to 2020 at the earliest. You don't need online accounting software to be MTD compliant, although I concede that an online connection will be needed to submit VAT, but then it is already.
I'm not a luddite and love technology, but it seems to me that the cloudy people love to push their software as the Holy grail when in fact it isn't. Desktop is so much quicker, although I do agree that data collection (eg bank feeds) can be much quicker.
I'll continue to use VT+ to do a clients bookkeeping and use something like Neilson James to do the bridging bit. Ergo no extra cost to my clients save for a small increase in doing the VAT returns to cover the cost of using their software.
One very straight forward subbie,who still writes in a book has been looking at Quickbooks and he said to me yesterday, I don't want it to go to HMRC without you checking it.
Lets hope many more are like that. The cloud crew are saying its as easy as scan click submit quarterly. We all know that's not the case.
I've not said anything yet to my clients until I know exactly what HMRC require in the quarterly submission. My thinking is that it will be akin to the VAT return and HMRC are updated with income and expenses, with possibly some extra information, and the annual submission being as it is now.
I understand that my own choice of software (VT) will have the capability to submit to HMRC from the software, although it may be VT accounts which does that rather than VT+
Also, I wouldn't be at all surprised if the start dates moves to 2019.
So 86% of companies have embraced cloud have they? None of my clients have (I'm a bookkeeper) apart from one who leaves his stuff in dropbox for me.
55% of companies don't think they will need an accountant? So businesses know how to do their accounts to completion do they, or do they imagine they'll just feed everything into their little cloud app and it will do the rest? You only have to look on uk business forums to see how small companies who think they can't afford an accountant regularly mess it up.
Perhaps this article should have had sponsored by xero tagged on to it.
My answers
VT isn't MTD ready yet, but they are bringing a new version which will be ready in time for the first MTD submissions, which will be MTD compliant.
For single businesses using VT to submit they need the new version of VTT+ which will be £75 + VAT per annum. Agents using VT to submit for multiple clients will need VT accounts which will be £150 + VAT per annum.
If you've recently subscribed I would guess you wouldn't have to pay again for the MTD version.
Avalara isn't on your list but isn't ready yet, which I'm surprised at tbh. I registered my interest months ago
The money is deducted from their net pay every week and refunded on demand. A friend of mine participated in this scheme and found it helpful in putting money aside for Christmas.
If it was used to defer tax and NI the employee would get a bit of a shock when they only get 670 quidish of the 1k they saved on the week it was refunded.
This is a ridiculous stance from HMRC and needs to be killed dead.
It's still possible that Phil Hammond could delay MTD4VAT to 2020 in the Autumn budget. I'm not confident HMRC are ready yet.
Oh absolutely. Accountants/Bookkeepers have an opportunity to help small businesses implement the change and I will certainly seek to maximise that for local businesses in my area, but for medium/big businesses it may require changes to bespoke software and I can see the fan being quite mucky once they are aware.
Why the correlation between MTD and online accounts? This was the mantra trotted out by the online software companies, who then got their fingers burnt when HMRC dropped the 2017 deadline and pushed it out to 2020 at the earliest. You don't need online accounting software to be MTD compliant, although I concede that an online connection will be needed to submit VAT, but then it is already.
I'm not a luddite and love technology, but it seems to me that the cloudy people love to push their software as the Holy grail when in fact it isn't. Desktop is so much quicker, although I do agree that data collection (eg bank feeds) can be much quicker.
I'll continue to use VT+ to do a clients bookkeeping and use something like Neilson James to do the bridging bit. Ergo no extra cost to my clients save for a small increase in doing the VAT returns to cover the cost of using their software.
£75 million I heard on the news last night.
Lets hope many more are like that. The cloud crew are saying its as easy as scan click submit quarterly. We all know that's not the case.
I've not said anything yet to my clients until I know exactly what HMRC require in the quarterly submission. My thinking is that it will be akin to the VAT return and HMRC are updated with income and expenses, with possibly some extra information, and the annual submission being as it is now.
I understand that my own choice of software (VT) will have the capability to submit to HMRC from the software, although it may be VT accounts which does that rather than VT+
Also, I wouldn't be at all surprised if the start dates moves to 2019.
So 86% of companies have embraced cloud have they? None of my clients have (I'm a bookkeeper) apart from one who leaves his stuff in dropbox for me.
55% of companies don't think they will need an accountant? So businesses know how to do their accounts to completion do they, or do they imagine they'll just feed everything into their little cloud app and it will do the rest? You only have to look on uk business forums to see how small companies who think they can't afford an accountant regularly mess it up.
Perhaps this article should have had sponsored by xero tagged on to it.