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No Accounting for Taste ep47: Happy first MTD for VAT submission

21st Aug 2019
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On this edition of No Accounting for Taste, a full-powered editorial team review the latest Making Tax Digital hijinks following the first submission and we also summon some the confidence to talk networking.

It is standing room only in the podbooth today. AccoutingWEB’s consulting tax editor Rebecca Cave stops by to give her thoughts on the first MTD submission, and the regular team also digs out a microphone for another visitor in AccountingWEB’s head of insight John Stokdyk.

But MTD was not the only filing this past week that got the No Accounting for Taste team talking. WeWork filed the S1 form required to take the company public but Business Editor Francois Badenhorst digs into the company’s workings out and tells us why things look far from rosy.

Elsewhere, the team discuss two stories from this past week which essentially covered the same theme of confidence.

While accountancy has often been painted as a solitary and introverted profession, the reality is quite the opposite. The need to have a grasp of your nerves and communication skills are just as important as the number-crunching skills.

This skill will be in high demand in the coming months as conference seasons ramps into gear. Seasoned networker John Stokdyk provides some helpful hints for anyone planning to up their schmooze game.

Here are the most-read stories gracing AccountingWEB over the last seven days and links to the other stories discussed in this week’s pod.

  1. MTD for VAT first main submission: How was it for you?
  2. Are nagging clients really that unreasonable?
  3. HMRC digs in over top slicing calculations

On the next episode, the No Accounting for Taste team will be joined by friend of the site and partner at Burton Sweet, Nigel Harris.

Replies (3)

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the sea otter
By memyself-eye
22nd Aug 2019 15:41

I did what I said I would - created a nine line excel spreadsheet and manually 'input' the numbers (just like in the good old ways...) and sent it off via Taxfiler.
'Digital' it most certainly was not!

All HMRC have done is line the pockets of the software houses.

Thanks (1)
Replying to memyself-eye:
By Charlie Carne
23rd Aug 2019 11:47

And what will your answer be when the first of those clients gets a VAT inspection and it becomes clear that you have made no attempt to properly comply with MTD? The rules require a direct link between the source books and the bridging software. Manually typing 9 numbers into a spreadsheet is not compliant.

Thanks (0)
the sea otter
By memyself-eye
23rd Aug 2019 18:32

the underlying data is prepared using
QuickBooks we are more than
than happy for any investigation.
The reason the data is not submitted via QuickBooks is that the organisation has two distinct entities each with is' own QB account and not easily amalgamated. Unless you have a method of submitting two VAT returns for one business for the same VAT period, I have no intention of changing!

Thanks (0)