If your business is VAT registered (or likely to be soon) but you're not ready for MTD you are leaving it very late!

For VAT periods starting on or after 1.4.2019 you will no longer be able to use manual records, spreadsheets, or the Government Gateway for preparing your accounts and filing returns.

Nor will you be able to use older versions of accounting software which you may have relied upon for years! Unfortunately, but in line with most software products today, accounting software companies have jettisoned the 'pay once perpetual ownership' model and now work only on a monthly subscription model, so it is just the subscription based packages that they have enabled for MTD purposes.

So, are your accounting systems ready? Do you have software that is up to the task?

The following are some links to typical packages, outlining current pricing and functionality:

Quickbooks - https://quickbooks.intuit.com/uk/pricing/

Sage Business Cloud - https://www.sage.com/en-gb/shop/accounting/#

Sage Line 50 Cloud - https://www.sage.com/en-gb/shop/sage50c/

Xero - https://www.xero.com/uk/pricing/

Quickbooks, Xero and Sage Business Cloud are pure cloud accounting products and work well for smaller businesses with very simple accounting requirements, but when you have a lot to do the software doesn’t work as fast as a desktop product (even if you have superfast broadband).

As an accountant, my choice would be Sage Line 50 Cloud, which is hybrid of desktop software with added cloud functionality, which means the software responds much quicker than pure cloud based products, whilst the cloud element provides the data sharing and easy accessibility benefits of cloud packages. In other words you get the best of both worlds! The fact that Sage have been the market leader in accounting software for decades is another factor which recommends their products. They were slow off the mark with cloud accounting, but in my view they have now overtaken the competition, and continue to go from strength to strength.

That is not say that the competition isn’t perfectly serviceable, especially if you do a lot of your accounting through a mobile and use other apps in the process.

If you need any help in deciding which software to use, or adjusting to MTD more generally, please give me a call or email to arrange a meeting to discuss.

(NB. Sage Line 50 Cloud Essentials software is provided free of charge if Suttons maintains your accounting records).