MTD - any simple solution?
I’m one of those receipts in a shoebox, run off amazon sales reports every quarter and sit with a calculator for 6 hours. MTD makes this impossible.Now had 2 meetings with accountants and its going to cost me 1.5 - 2k a year to submit everything digitally (using a bookkeeper). I tried quickbooks but it needs more time than I have.
Now 1.5 to 2k isn’t a lot to me in the grand scheme of things BUT I export 80% of my stuff and get refunded VAT usually rather than paying HMRC anything, so it seems to hurt even more !
There must be loads of people in a similar situation and hopefully someone has researched it and can advise on the easiest way to proceed.
10 replies
Seller_N5E3LBSdN6IZw
No need for a bookkeeper or accountant if you want to keep your records up to date yourself. Use Xero (https://www.xero.com/uk/pricing) or similar - which are a doodle and submit to HMRC automatically.
If you don’t have time to process your records then you’ll have to fork out for a bookkeeper at the very least to do it for you.
Seller_62OdPzJM60I9v
If you want to do it yourself Pandle is pretty good, free or £5 a month if you want extras, I use the free one. Easy to use, just add income and outgoings daily as it occurs and the quarterly VAT and tax return is a doddle. I have no problems at all and it’s hooked up for MTD 
https://www.pandle.com/uk/pricing/
Seller_H4YTzTWjjCyaA
Thanks for the recommendations - are they just another version of quickbooks though…I’ve wasted so much time on free trials .I want something that’s idiot prof !
Seller_3ZwwzlGK5UIeQ
I don’t see how Pandle would solve your MTD issues, main problem with how Amazon and MTD will work together is that MTD requires no more than 1 days worth of transactions to grouped together. So unless you split your settlement down by days (using the transaction services report) or offer some summary view broken down daily attached to the settlements/invoices in your accounting software you’re still not technically compliant.
Fortunately HMRC are still soft launching the MTD requirements so these won’t come into force yet, I’m biased as I work for LinkMyBooks (settlements into Xero) but we are working on a solution which makes it 100% compliant by adding daily summaries into the accounting software.
Seller_99FQlSUJSr1ZJ
Google MTD Bridging software which allows you to enter the 7 boxes and connects to HMRC. No need for expensive software. Quite a few companies make it.
