Broms Cobb Posted January 4, 2019 Report Share Posted January 4, 2019 just been advised on new tax regulations MONTHLY The announcements in July 2017 around Making Tax Digital placed VAT firmly at the vanguard of the proposals. Finance (No. 2) Act 2017 includes legislation providing for the introduction of MTD for VAT (section 62 – as well as other clauses for income tax). On 13 September 2017, HMRC also published further detail in a legislation overview of the VAT proposals, as well as draft Regulations and Notices for income tax. Quote Link to comment Share on other sites More sharing options...
grahamparker Posted January 4, 2019 Report Share Posted January 4, 2019 Only Vat registered companies have to go digital from the 1st April. I am nearly setup to start at the end of February after our next VAT bill. Quote Link to comment Share on other sites More sharing options...
k4mrc Posted January 4, 2019 Report Share Posted January 4, 2019 My accountant is set up - were starting this month to do 'dry runs' so I and they get up to speed, but the is an added burden on all our businesses what with the pension fiasco that we now pay into, two of my staff say they will be retiring at 71 ffs Am told as this gets going were going to be paying 'Upfront' whatever that means? So increases on paperwork with accounts etc. Glad i'm the age I am this is only going to get worse Quote Link to comment Share on other sites More sharing options...
Simes Posted January 5, 2019 Report Share Posted January 5, 2019 So....what is everyone using? We have just used spreadsheets up to now but wondered what others are using successfully. Quickbooks, sage? Quote Link to comment Share on other sites More sharing options...
Broms Cobb Posted January 5, 2019 Author Report Share Posted January 5, 2019 4 minutes ago, Simes said: So....what is everyone using? We have just used spreadsheets up to now but wondered what others are using successfully. Quickbooks, sage? one of my customer's has said switch to 'Quickbooks' Another expense...... Quote Link to comment Share on other sites More sharing options...
grahamparker Posted January 5, 2019 Report Share Posted January 5, 2019 Going to be quickbooks for me as well. Quote Link to comment Share on other sites More sharing options...
x minit uk Posted January 5, 2019 Report Share Posted January 5, 2019 21 hours ago, k4mrc said: My accountant is set up - were starting this month to do 'dry runs' so I and they get up to speed, but the is an added burden on all our businesses what with the pension fiasco that we now pay into, two of my staff say they will be retiring at 71 ffs Am told as this gets going were going to be paying 'Upfront' whatever that means? So increases on paperwork with accounts etc. Glad i'm the age I am this is only going to get worse Are you Broms cobb. Quote Link to comment Share on other sites More sharing options...
Auto Key Wizard Posted January 6, 2019 Report Share Posted January 6, 2019 k4mrc & Broms cobb are same user x minit uk 1 Quote Link to comment Share on other sites More sharing options...
k4mrc Posted January 6, 2019 Report Share Posted January 6, 2019 On 1/5/2019 at 6:06 PM, x minit uk said: Are you Broms cobb. Yes but, reason is sometime ago one of the staff put something on (I leave logged on) so I now do both - then I know if it's not me? if that makes sense? Quote Link to comment Share on other sites More sharing options...
Michael Posted January 7, 2019 Report Share Posted January 7, 2019 I still do my books in a handwritten cash book. No staff, no VAT, half hour once a week, but was thinking of looking at Quickbooks. I tried Sage a couple of years ago but was massively overboard for my business, was wondering if Quickbooks was the same? Anyone that uses it have any pros and cons? Mike at Vauxhall 1 Quote Link to comment Share on other sites More sharing options...
petercoulson Posted January 7, 2019 Report Share Posted January 7, 2019 Quickbooks is fairly straightforward to use and seems designed for small businesses, we use QB essentials online although they've increased the monthly payment 20% this year - they have a self employed version which may be better for some? What it does well is VAT, invoicing, banking integration and reconciliation these are all faster then they used to be so still worth the £18+vat a month. Plus if we have any technical queries or issues they respond and fix very quickly. Broms Cobb, Michael and Mike at Vauxhall 2 1 Quote Link to comment Share on other sites More sharing options...
Simes Posted January 7, 2019 Report Share Posted January 7, 2019 2 hours ago, petercoulson said: Quickbooks is fairly straightforward to use and seems designed for small businesses, we use QB essentials online although they've increased the monthly payment 20% this year - they have a self employed version which may be better for some? What it does well is VAT, invoicing, banking integration and reconciliation these are all faster then they used to be so still worth the £18+vat a month. Plus if we have any technical queries or issues they respond and fix very quickly. Thanks, we are VAT registered so it's definitely worth a look. Quote Link to comment Share on other sites More sharing options...
JamesST Posted January 7, 2019 Report Share Posted January 7, 2019 I use quickbooks and once you get going on it then its very simple and quick to use. Does all the hard work very easily. Quote Link to comment Share on other sites More sharing options...
Michael Posted January 8, 2019 Report Share Posted January 8, 2019 With Quickbooks do you still have to use an accountant to verify everything and submit your tax returns or is it all calculated and sent through to HMRC? I was just working out the maths as if you pay a monthly fee then still have to pay an accountant anyway then it's really not worth it at the moment, at least until they say we all have to use digital everything!! GLENGRAVING 1 Quote Link to comment Share on other sites More sharing options...
keithm Posted January 8, 2019 Report Share Posted January 8, 2019 Surely if it makes it easier it's worth doing? In addition, it's always worth talking to an accountant to make sure you are completing the books in the most tax effective way and not overpaying We are all TAX collectors on behalf of the government in the long run. Quote Link to comment Share on other sites More sharing options...
grahamparker Posted January 8, 2019 Report Share Posted January 8, 2019 6 minutes ago, keithm said: We are all TAX collectors on behalf of the government in the long run. Unless your Google and Amazon then you become tax evaders. Auto Key Wizard 1 Quote Link to comment Share on other sites More sharing options...
hibsjo(SCO) Posted January 8, 2019 Report Share Posted January 8, 2019 "tax avoiders" there is a difference im sure admin will delete the libelous comment lol carry on! Quote Link to comment Share on other sites More sharing options...
Auto Key Wizard Posted January 8, 2019 Report Share Posted January 8, 2019 15 minutes ago, hibsjo(SCO) said: "tax avoiders" there is a difference Yes there is a difference, But there are many companies that avoid paying by means of evasion. Quote Link to comment Share on other sites More sharing options...
Auto Key Wizard Posted January 8, 2019 Report Share Posted January 8, 2019 24 minutes ago, hibsjo(SCO) said: libelous comment https://www.google.co.uk/search?source=hp&ei=l3M0XPbvEJWf1fAPva2KiAw&q=google+amazon+tax+evasion&oq=Google+and+Amazon+tax+evade&gs_l=psy-ab.1.0.0i22i30.3405.19443..21150...0.0..0.165.1675.16j4......0....1j2..gws-wiz.....0..33i10.tlhVIn2xT9o Quote Link to comment Share on other sites More sharing options...
hibsjo(SCO) Posted January 8, 2019 Report Share Posted January 8, 2019 not reading tax evasion anywhere in that Tel lol carry on! Quote Link to comment Share on other sites More sharing options...
x minit uk Posted March 19, 2019 Report Share Posted March 19, 2019 Will the QuickBooks system automatically calculate your VAT if you are on a flat rate scheme..? Quote Link to comment Share on other sites More sharing options...
JamesST Posted March 20, 2019 Report Share Posted March 20, 2019 My quickbooks does all the VAT as you go along so you can see what is coming up to pay. Then when its ready just click a button to submit to hmrc.....very easy to do. GLENGRAVING, x minit uk and Mike at Vauxhall 2 1 Quote Link to comment Share on other sites More sharing options...
Mike at Vauxhall Posted February 3, 2020 Report Share Posted February 3, 2020 Moving to the inevitably of paperless accounting for 2020/2021. My accountant wants me to use "Receiptbank", I'm really learning towards "Quikbooks ". This thread seems to back up my thoughts, I think "receiptbank" is better for accountants . Quote Link to comment Share on other sites More sharing options...
grahamparker Posted February 3, 2020 Report Share Posted February 3, 2020 I use Sage and love it. Once you get your head round it I find it becomes easier, At any moment in time i know exactly how the business is financially, for instance i am currently owed just over 10k in Trade accounts i have 9k in the bank and all suppliers are fully paid up to today and i also have a rough idea how much VAT i am due to pay at the end of March. It's like anything new at first it's a pain and you make lots of mistakes but eventually it becomes second nature. I am sure this applies to whatever accounting software you use although i would advise using what your accountant uses as it makes life a lot easier in the early days. Mike at Vauxhall and JamesST 2 Quote Link to comment Share on other sites More sharing options...
Auto Key Wizard Posted February 3, 2020 Report Share Posted February 3, 2020 On 1/5/2019 at 4:07 PM, grahamparker said: Going to be quickbooks for me as well. So what happened? After years with Sage, We have now been using QuickBooks for almost twelve months, It is a lot more suited to a smaller business. Mike at Vauxhall 1 Quote Link to comment Share on other sites More sharing options...
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