Making Tax Digital
Comments
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Can anyone help with this? Hubby is a sole trader running 2 companies - I have done his books for years just using spreadsheets for the 2 companies and then giving them to accountant for his tax return. For VAT hubby has just added up the 2 lots of figures before entering them on the gateway. What software can I use?0
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so 2 companies, one single VAT registration?Can anyone help with this? Hubby is a sole trader running 2 companies - I have done his books for years just using spreadsheets for the 2 companies and then giving them to accountant for his tax return. For VAT hubby has just added up the 2 lots of figures before entering them on the gateway. What software can I use?0 -
Search for "Free" on the HMRC recognised software list and you should come across Portico - see vat.portico.openanswers.co.uk0
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Yes that's the set up. I have no problem at all moving over to a new system e.g. Quickbooks, as it can also use it for invoicing, purchase orders etc too. It just looks like they are all set up to only deal with one company at a time.0
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Yes that's the set up. I have no problem at all moving over to a new system e.g. Quickbooks, as it can also use it for invoicing, purchase orders etc too. It just looks like they are all set up to only deal with one company at a time.
Yes, that's usually how they work. But seeing as he is a sole trader, i.e. both his businesses are his, personally, an alternative could be to use a single Quickbooks account, but take advantage of the departments/cost centres to split the ins and outs for the yearly accounts and tax returns. I.e. for sales, you put all sales to the normal "sales" code but then allocate some to dept "company A" and others to "company B", then take out P&L reports by company.0 -
Most of the posts here refer to businesses that are VAT registered.
The income from my BTL properties is well below the threshold.
Will I also need to do a digital return? Perhaps not for the current tax year 2019/2020 (?)
At present, I submit details to an accountant via a spreadsheet and he completes my return.
If/when I am required to go digital will I still go via the accountant? Of course, this is an expense but I prefer to use the accountant.
DTMM0 -
the letting of residential property is not and has never been the making of VATable supplies, it is exempt (a word which has a precise meaning in VAT law)DontTellMyMother wrote: »Most of the posts here refer to businesses that are VAT registered.
The income from my BTL properties is well below the threshold.
Will I also need to do a digital return? Perhaps not for the current tax year 2019/2020 (?)
At present, I submit details to an accountant via a spreadsheet and he completes my return.
If/when I am required to go digital will I still go via the accountant? Of course, this is an expense but I prefer to use the accountant.
DTMM
vat registration is based on what you sell, not what you spend.
if you prefer to use the accountant then it sounds like you need to be asking them for advice. If (ever, unlikely at present) MTD is extended to what is stated to be its final objective of making you submit all tax info digitally then yes, by that time you will need to do that way, but as things stand at the moment, anything other than VAT is years and years away from being implemented as HMRC haven't got a clue how to manage big IT projects and have messed up (again)0 -
Using SAGE programme for accounts, think it's called line 50 which isn't supported by SAGE anymore and is used on a PC which is not connected to the internet, works fine and has been for probably last 15 years.
Is their any bridging software available that would meet the needs.
Pointless talking to SAGE as they just want to sell new
Don't like to change as it works fine for our needs
Any help appreciated0 -
Using SAGE programme for accounts, think it's called line 50 which isn't supported by SAGE anymore and is used on a PC which is not connected to the internet, works fine and has been for probably last 15 years.
Is their any bridging software available that would meet the needs.
Pointless talking to SAGE as they just want to sell new
Don't like to change as it works fine for our needs
Any help appreciated
Why is the computer not connected to the internet?, you will need an internet connection to make a return or end up getting an accountant or someone you trust to do it for you. There are several packages that allow you to make a return. What export facility does your account package have?
If you want to make a manual return you can use my software (you will need to have a pc with an internet connection)
Regards
Kevin0 -
kevin_grey wrote: »Why is the computer not connected to the internet?, you will need an internet connection to make a return or end up getting an accountant or someone you trust to do it for you. There are several packages that allow you to make a return. What export facility does your account package have?
If you want to make a manual return you can use my software (you will need to have a pc with an internet connection)
Regards
Kevin
Or he could apply to HMRC for an exemption0
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