Reply to: Making Tax Digital

[vatmtd]

I'd like to add that you don't need to submit under MTD until at least June 2019. Bare in mind that registration with HMRC takes 3 days, although they are bound to get backlogged nearer the time.

If you want a really simple way to submit a VAT return and comply with MTD, search for VAT MTD on the Apple App Store as we made a small/simple product for individuals that want basic submission on a Mac, iPhone or iPad.

[Alchemy Accountancy]

I don't need an accountant as I am one, and have successfully traded for many years this way. What I don't want is to have to spend £1500 or whatever on accountant service that I don't need just to facilitate a VAT software switch. Hence looking for a cheap software solution.

One of the other accountants that has posted on here suggested bridging software for this - that would certainly cheaper than a full bookkeeping software, and would allow you to continue as you are (until the scope of MTD is extended at least).

I haven't used any bridging software (I doubt many will have done yet) so can't make a recommendation as such. However I know that TaxCalc have released some bridging software - I use their software for tax and accounts production and rate it highly so would start there.

You will find a full list of MTD compliant softwares here, some may be cheaper if price is the motivator.

[seeourbee]

I don't need an accountant as I am one, and have successfully traded for many years this way. What I don't want is to have to spend £1500 or whatever on accountant service that I don't need just to facilitate a VAT software switch. Hence looking for a cheap software solution.

[Alchemy Accountancy]

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.

Yes, you get a free subscription with both RBS and Natwest (same ownership).

As NLUK suggests, a lot of accountants will include it in their package, and, as has already been proven in this thread, using an accountant is a better way of getting things right first time (and often cheaper than having to go back and fix it later on).

[seeourbee]

If I needed a new account that would be good but I've had a business account for 13 years. Looking at the site looks like it will cost about £200 pa which is higher than I hoped. Certainly don't need things like corp tax forecasting (?!) or tax filing. Are there any packages - just for VAT - cheaper ?

[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.

[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]

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]

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 ?

[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.

[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!

[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

[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.

[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

[pr1]

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