Making Tax Digital

[Woolless]

I have swerved going down the digital route until now, just use a spreadsheet and number the invoices to tie in but I need to bite the bullet now. So can anyone point me in the direction of/give me an idiot's guide? Software recommendations? Will my January VAT return need to be digital or can I buy myself some more time to get organised?

Any help appreciated!

 

[Jerry]

Xero

 

[capfits]

Use the software your accountant uses. It will save alot of bother.
Use Sage here, takes time to set up and learn, but can speed things up to.

 

[Steevo]

As above, speak to your accountant and get their advice - they can usually get a better price for you, and will often be well versed in using several versions. If you can go for Xero you'll be glad of the simple interface.

 

[Woolless]

Right, I better leave it until next month and speak to him then. He's currently wrestling with my tax return! I was late as usual.

 

[Still Farming]

HMRC is forcing everyone down this route so they should provide the relevant Compatible required software and Apps for FREE !

 

[Woolless]

HMRC is forcing everyone down this route so they should provide the relevant Compatible required software and Apps for FREE !

Yes, I don't really see the point?

 

[Gedd]

Daughter does mine uses receipt books i think

 

[exmoor dave]

I have swerved going down the digital route until now, just use a spreadsheet and number the invoices to tie in but I need to bite the bullet now. So can anyone point me in the direction of/give me an idiot's guide? Software recommendations? Will my January VAT return need to be digital or can I buy myself some more time to get organised?

Any help appreciated!

If you're happy with excel, you could just use a cheap bridging software

 

[Hjcarter]

I've got a free one its called quickfile. Not the greatest interface but does the job and works for me

 

[Highland Mule]

VAT software for small business

I have so far done all my books on Excel and being a small business have not needed to go digital yet. I know sometime soon all my books will need to be on line but am waiting for my accountant to advise on this. I have just been advised by HMRC I must go digital by next April for VAT so the...

thefarmingforum.co.uk

 

[Chris123]

If you're happy with excel, you could just use a cheap bridging software

That’s what I do with ours tax optimiser £30ish quid a year it costs

 

[steveR]

Right, I better leave it until next month and speak to him then. He's currently wrestling with my tax return! I was late as usual.

Maybe ask him for a quote on doing your VAT as you go along, and have all the figures to hand at end of year. Nice, simple and easy, just a few quid/month....maybe!

 

[Woolless]

Maybe ask him for a quote on doing your VAT as you go along, and have all the figures to hand at end of year. Nice, simple and easy, just a few quid/month....maybe!

I quite like doing my VAT return and seeing where all the money has come and gone from over the quarter. But yes, that idea has some merit.

 

[steveR]

I quite like doing my VAT return and seeing where all the money has come and gone from over the quarter. But yes, that idea has some merit.

I used to do the same, until I found that the Clerk (previous accountant) was double checking all the data anyway and the additional cost was negligible and made end of year returns quicker and easier. I have also found that they can give me a very good (and accurate) state of play which can aid spending...or not.

 

[farmerdan7618]

Xero + Dext gets my vote. Probably biased as an accountant, but I use it for my own farm business too.

 

[Steevo]

I used to do the same, until I found that the Clerk (previous accountant) was double checking all the data anyway and the additional cost was negligible and made end of year returns quicker and easier. I have also found that they can give me a very good (and accurate) state of play which can aid spending...or not.

How did you used to do it previously?

With Xero we just update it every few days with about 5-10 transactions and then it’s always a pretty close picture of what’s happening.

Much nicer than when we used to “do the VAT” once a quarter and spend a helen afternoon doing it but being less informed in general because the figures were fairly worthless other than for VAT purposes.

 

[neilo]

Xero or Quickbooks. Not a lot to choose between them and both very intuitive to use.

 

[steveR]

How did you used to do it previously?

With Xero we just update it every few days with about 5-10 transactions and then it’s always a pretty close picture of what’s happening.

Much nicer than when we used to “do the VAT” once a quarter and spend a helen afternoon doing it but being less informed in general because the figures were fairly worthless other than for VAT purposes.

Cannot recall for sure now, but is was a while back... Money Manager I think...

Very few transactions really now though...

 

[Exfarmer]

@Woolless i am just making the change too, I guess your business is not that large as you would have had to change earlier.
If you have not been required yet I believe you do not need to submit your first digital VAT return till june. I have the same issue and have gone for xero.
It is ridiculously easy to change, I have always done my books on Excel and could have used bridging software but would definitely recoment the change.
Xero do offer a 30 day trial and I used this to see how it went over Christmas . I have now joined my accountants group about £20 a month
Dext is good but I felt unnecessary for me with only possibly 10 invoices a month.
Also I worry that doing these things automatically you lose the constant touch and the danger of allowing wrong invoices through.
Good luck