Making Tax Digital

[pr1]

poor OP, comes on here looking for free software to save £10/month and will end up owing about 5 grand in VAT

[Bluebird]

Correct - assuming that by VAT receipts, you mean the total amount of VAT on the receipt and not the total amount from the receipt.

In most cases you are better off not using the FRS past year 1 (where you get a discount) when you fall into the limited cost trader category.

Yes, total of VAT so - £100 of receipts based on £500 of expenses

[northernladuk]

poor OP, comes on here looking for free software to save £10/month and will end up owing about 5 grand in VAT

LOL... Booked marked this one for next time some chump comes on and asks why they need an accountant.

[Alchemy Accountancy]

I'll need to work it out first - but yes there will be a re-payment.

I keep all receipts anyway.

Do I need to advise HMRC I'm leaving the FRS, or just account differently?

BB

You will need to write to HMRC and ask to leave the Flat Rate Scheme – their guidance on leaving the scheme can be found at section 12.1 here

[Bluebird]

You will need to write to HMRC and ask to leave the Flat Rate Scheme – their guidance on leaving the scheme can be found at section 12.1 here

Thanks!

[Lance]

LOL... Booked marked this one for next time some chump comes on and asks why they need an accountant.

it's also an example of an OP who asks a question doesn't get the answer they want (or expected), but nonetheless is happy.

[seeourbee]

So has anyone used the cheaper software packages yet ? I'm looking for a no frills cheap option for VAT returns as it looks likely I'll be required to do that from April.

I've seen a few of the websites but none of them easily explain what the mechanics are. What do you need to enter into the software, what does the software link to ? Excel where I record everything ?

[northernladuk]

So has anyone used the cheaper software packages yet ? I'm looking for a no frills cheap option for VAT returns as it looks likely I'll be required to do that from April.

I've seen a few of the websites but none of them easily explain what the mechanics are. What do you need to enter into the software, what does the software link to ? Excel where I record everything ?

Like Freeagent? What do you call cheap?

[seeourbee]

I'm open to sensible limits, I know I can't avoid it. I'll have to look at Freeagent it sounds like, thanks

[northernladuk]

I'm open to sensible limits, I know I can't avoid it. I'll have to look at Freeagent it sounds like, thanks

I believe you get it free with a bank account. Natwest is it? Lots of good accountants offer it free as part of the packages as well so effectively free.