MTD Delayed…..phew can we relax?

A bit I think, but it probably means we can now think about it strategically.

Prior to the Summer we were looking at helping our paper and spreadsheet clients move to commercial accounting packages in advance of the compulsory MTD [Making Tax Digital] deadline. But the implementation has been delayed following consultation.

If you don’t know MTD is about getting businesses to submit financial information to HMRC on a quarterly basis.

The good new is this is delayed until after April 2019 but we don’t think clients should just ignore this now. Instead they should use the time to properly plan.

A few further details have emerged too that mean it needs a bit more planning. The main one being that there will be no ‘semi-manual’ portal for clients who wanted to keep their old systems.

Businesses will have no choice but to record their transactions on a commercial accounting system in order to comply. These systems will need to be the latest versions too. For example Sage Line 50 versions 23 and before will not be able to submit the necessary reports.

So in order to comply all businesses will either have to obtain new software or upgrade their existing software.

So its a good time to speak to your accountant about options because it may be time to switch to a package that works better for you than the traditional desktop based solutions.

The latest online versions of software allow the information to be viewed anywhere, have multiple users, and allow your accountant to view, correct and process transactions for you from their offices. The online versions are also now getting really close to their desktop cousins allowing for batch processing and stock management.

So even businesses that felt they had to stick to desktop versions can seriously consider online without compromising on certain features and at the same time enjoy the benefits of cloud computing.

The costs are getting lower too with full functioning systems costing less than a round of drinks per month.

Get in touch if you think its time to upgrade.

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