Making Tax Digital Update

Despite a bit of “hokey cokey” when it comes to MTD (Making Tax Digital) it is coming from April 2019 for VAT registered dispensing practices. By 2020 all practices will be required to submit their records to HMRC digitally, VAT registered or not.

If your practice needs to start submitting digitally by April 2019 and you are a Dodd & Co client you’ll have already heard from our MTD team with specific details of what you need to do, if anything. We would, however, encourage those clients who need to take action and that haven’t yet got a plan in place, not to delay – the sooner we hear from you, the sooner we can give you peace of mind that it’s all done and dusted!

For those of you who are not VAT registered and so have an implementation date of April 2020 then you don’t need to panic just yet! We would strongly advise that you consider your options and take action during 2019 to ensure you can adhere to the new legislation.

Many of the software providers are MTD ready and it may be that your practice needs to simply upgrade (there will more than likely be a cost) to become MTD compliant.

If your practice currently uses Sage then log onto their website to see if the package you are currently using will become MTD compliant. You’ll be given options on upgrades and costings.

For those GP practices on Iris GP Accounts there will be a bridging tool available (Kashflow light) which will enable you to export data and submit to HMRC. Further information on how this will work will be available in February 2019.

Some of our practices have chosen to make a move to cloud accounting in advance of MTD and are reaping the benefits of real time information, being able to securely access your accounting records wherever and whenever you like (as long as you have an internet connection of course!), improved reporting and saving time with the bookkeeping.

Cloud can be an incredibly cost effective option with some packages starting from £9 per month.  This fee gives you access to the cloud accounting software 24/7, help online and call centre (most software providers call centres operate in the UK). Everything is run online, so there’s nothing to install and everything is backed up automatically. Updates are a thing of the past and you’ll always be working on the most up to date version.

The Cloud Accounting Team (CAT) at Dodd & Co are completely independent, we won’t shoe horn you into any particular package, we’ll take a look at your practice and discuss with you what will help you, what will save you time and will give you a better overview of your practice.

Are you ready to discuss the options available for your practice to comply with MTD? It won’t work miracles – you still need to make it happen!

Contact Jay on 01768 864466 or email for help and advice.

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Dodd & Co have been our company accountants for around 18 years. Our principal contact is Alan McViety a Partner with Dodd & Co. I believe in robust financial management for our business therefore Alan and I have worked very closely throughout that time, meeting at least monthly producing MMI and developing forecasts and forward projections. Alan has always been very professional, responsive and understands our business very well allowing him to engage in meaningful discussion and provide considered advice. We use Dodd & Co for all financial matters and this regularly includes VAT and Tax Planning specialist advice which we receive from Faye Armstrong (VAT Partner) and Dean Johnston (Tax Partner) working alongside Alan, Faye and Dean are really good to work with, again they ensure they understand the particular matters and objectives clearly from the outset ensuring they can deliver the right solution or options which are always substantive and clear. I believe business is all about relationships and on personal experience can highly recommend Dodd & Co to be really nice people, highly professional, very responsive, they afford great care to their clients and take pride in their work and the advice & services they provide.
-- Martyn Boak, Northern Developments (Cumbria) Limited