MTD and Record Keeping

With the advent of Making Tax Digital (MTD) and mandatory digital record keeping we need to consider what changes are needed with regard to VAT records. These can be summarised as follows: Sales invoices and tax supply points – No change Retail sales where the total transactions for the day are recorded – No change ...

January 7, 2019

How do I prepare for Making Tax Digital / MTD? – An Accountant’s perspective

What is the purpose of MTD? HMRC is facing a number of challenges: Digitally, it is not at the forefront of technology compared to the majority of its contemporaries, competitors or ‘customers’. There is a huge amount of ‘available’ revenue that is currently not collectable – eventually businesses will be paying their tax bills much ...

January 7, 2019

Making Tax Digital / MTD – What It Means For Businesses

All businesses with annual turnover above the VAT-registration threshold (currently £85,000) will be required to submit their VAT returns with Making Tax Digital / MTD-compliant software for VAT periods starting on or after 1st April 2019: Monthly returns for the period April 2019 must be submitted by 7th June 2019; Quarterly returns for the period ...

January 3, 2019

Making Tax Digital: A Journey, Not A Destination

First of all, let us be clear – Making Tax Digital will happen in one form or another. We have talked to several accountants who believe that the project will be scrapped due to cost, logistics or Brexit (or other political considerations), but as recently as 13th July 2018, HMRC has reiterated the current deadlines ...

October 9, 2018

How An Accountant Makes Prelude Work For Him… And His Clients

Lee Coombes has run Lee Coombes Accountancy in Swansea for the last 8 years, and he is determined to provide the most cost-effective and efficient services to his clients possible. With the advent of Making Tax Digital, the accountancy sector as a whole has to adopt new processes and technologies to remain compliant and relevant. ...

August 15, 2018

What Is GDPR, And Are You Ready For It?

As of 25th May 2018, your business will have to be fully compliant with new regulation relating to how you manage and store data. This new tranche of regulation is known as GDPR (General Data Protection Regulation) and is an expansion of existing data protection laws, known in the UK as the Data Protection Act ...

June 4, 2018

Prelude at the ICPA Practice Evolution Conference in London and Manchester

We are delighted to announce that Prelude (AKA Prelude Accounts) will be exhibiting at the upcoming ICPA Practice Evolution Conference taking place on 7th June in London and 27th September in Manchester. In addition, as a reader of this website, you are also eligible to receive a 10% discount, just quote “PA10” when booking. This ...

March 5, 2018

The Demise of VT Transaction+ Spreadsheets: ExHell or ExHeaven?

If you’re an accountant and you read Accounting Web recently, you would have thought that the apocalypse had arrived. “I love this product, and now I have to work out what to replace it with” said one, “I do the vast majority of my clients’ bookkeeping so will now need to either switch and pay ...

February 5, 2018

Automatic Bank Feeds 2017 Part 4: Is Open Banking An Existential Threat To Accountants?

Events have a habit of overtaking discussions. In my first article in this series, I discussed the pros and cons of automatic bank feeds. In the second, I examined how you can use your accounting software to reduce the need for automatic bank feeds, and the third discussed how automatic bank feeds can be used ...

November 20, 2017

Automatic Bank Feeds 2017 Part 3: The Best Of Both Worlds?

  In my first article in this series, I discussed the pros and cons of using automatic bank feeds, and in the second, I examined how you can use your accounting software to reduce or even eliminate the need for automatic bank feeds. In this third article, I want to examine how automatic bank feeds ...

November 6, 2017