Making Tax Digital
Making Tax Digital is the biggest immediate challenge facing accountants across the UK and the most significant change for decades, representing a major shift in how businesses maintain their transactions.
The ramifications will be felt by both accountants and clients.
Every practice is different, and we know recordkeeping habits vary. It may be online bookkeeping software, Excel or a bag of receipts. However you and your clients go about the process, Keytime has a solution for you.
Our aim is to make MTD as simple, straightforward and seamless as possible for our customers and to achieve this, we have created this new digital way of reporting into the existing products and workflows.
With Keytime there are three simple steps to MTD compliance
Keytime has a range of solutions to simplify the process of digitising the whole record keeping process including IRIS Snap & KashFlow.
Import the records directly into Keytime Accounts Production. Client records stored in KashFlow, Xero, and QuickBooks can be imported seamlessly.
Once finalised, your clients approve the final accounts and tax returns using IRIS OpenSpace, ready for you to submit to HMRC.
Capturing client records can be a challenge, however Keytime has a solution for every scenario.
Clients using a bookkeeping solution? Import the trial balance directly into Keytime Accounts Production. We support KashFlow, Xero, and QuickBooks.
Once the trial balance is in Keytime Accounts Production, you can create final accounts, determine tax computations and finalise the tax position. For Personal Tax clients you can access the data HMRC holds on your clients. The information automatically populates into Keytime, providing significant time saving on data entry. Once finalised, the details can be shared with your clients to approve using IRIS OpenSpace.
Bookkeeping software such as KashFlow is the ideal solution for the MTD for VAT requirements, however for those occasions when bookkeeping software does not meet your complex VAT cases we have VAT Filer our bridging software solution.
Keytime VAT Filer automatically connects to HMRC allowing the you to import VAT data from various sources and submit directly to HMRC. While also retrieving client data such as previous submissions made under MTD, current VAT obligations, liabilities due and payments already made. Making your clients’ submissions much more straightforward.
Keytime VAT Filer is integrated with Keytime Practice Manager and so works with your existing client records. Practice Manager installs with all copies of Keytime Accountants’ Suite and is used to keep and manage clients all in one place. Fully licenced versions of Practice Manager feature full filing deadline tracking for all submission types, including VAT.
The Government confirmed in its Spring Statement in March 2019 that HMRC will take a “light touch approach” to penalties in the first year of implementation of MTD for VAT. The Government has stated: “Where businesses are doing their best to comply, no filing or record keeping penalties will be issued.” If you haven’t yet finalised your compliance during this ‘soft landing’ phase, get in touch to see how the solutions we’ve outlined above can help you.
Get ahead of the changes in tax by managing your accounts online today. Join the 70,000 KashFlow users who already create quotes and fully customisable invoices, balance their books and keep track of their business spend, all through digital software.
Try KashFlow today with a FREE 14-day trial. We also have special discounts for Keytime customers, so get in touch on 0344 815 5560 to find out more.
To ensure practices are ready for MTD we have created these helpful user guides.