Archive 18th December 2019

Software Update Preview

Update – December 2018

The latest update will be available shortly and contains new features suggested by Clients and Partners as well as statutory compliance in respect of Making Tax Digital.

For a full list of features then please see the documentation supplied but some key features include:

1. Increased Screen Sizes for Maintenance and Ledger Enquiry Forms

A new option is available to configure number of columns and rows for forms. The Ledger Enquiry example above also shows the increased space available now to display details in the bottom panels.

These settings are available within the Ledger Enquiry Manager

Latest

We have more  interesting developments planned for 2019 so just a line to give you a heads up on some of the (in no particular order) bigger projects we’re  working on.

  1. Material Requirements Planning Module.
  1. Advanced Warehouse Management Module.
  1. TCP/IP Client Connector / Windows Transaction Service.
  1. Additional Datafile Visualisations to allow Master/Detail and Pivot Style Views.

If you need more information on any of the above projects or have suggestions for features,  functions or modules then please get in touch.

MTD Myths

TOP 5 MTD Myths

  1. You must use cloud software … false

You can use a many different type of software to store your transactions including Excel and older versions of accounting software. It does not have to be a cloud solution

  1. The current HMRC portal is closing … false

The current portal is not closing in April 2019. Only companies above the VAT Threshold of £85,000 need to use MTDsolutions. 

  1. All 2 million companies need to use MTD … false

Only 1.1 million companies turnover is over the VAT Threshold of £85,000. All other companies who have voluntary signed up can use the existing portal.

  1.  MTD is being postponed … false 

3.5% of organisation who have a turnover of over £85,000 will be delayed until October 2019

  1. HMRC require all your digital records … false

At the moment HMRC are requiring the same 9 boxes as before and at this moment in time do not require the transactions.

Making Tax Digital July 2018

What we know so far:

From April 2019 businesses above the VAT threshold will be mandated to keep their records digitally and provide quarterly updates to HMRC for their VAT. 

https://www.gov.uk/government/publications/making-tax-digital/overview-of-making-tax-digital

This is not only the digital record keeping that all our systems are able to comply with, but the fully automated submission of VAT.

Delay requested by chamber of commerce.

https://www.accountingweb.co.uk/tax/hmrc-policy/british-chambers-of-commerce-calls-for-mtd-delay

Your position: Who does your current submission?

If it’s your accountant makes your VAT submission:

Nothing very much should change, they should be able to continue to handle as they do now, you may be asked to produce digital reports but check with your accountant on what they require.