Making Tax Digital - Recording Daily Sales?
Our accountant has stated that as part of the MTD we will now have to record our sales on a daily basis.
Until this point we had been recording sales on a 2 week basis inline with our disbursements. Switching to a daily basis would mean a massive increase in time spent inputting data.
Has anyone else been notified of this?
103 replies
Seller_r7SzViEUCuDPM
Our accountant has told me to carry on with monthly reporting, all he wants is the report Amazon provide sending to him in excel format - two minute job.
Seller_BnqfOH5ahn4zV
Not sure that’s correct. Point of MTD is to record all business activity digitally. That’s it
Seller_QLl2T1xUeCE0k
@parrett_storage1 @Tool_Shack1
See here-
https://www.accountingweb.co.uk/any-answers/recent-mtd-update-questioned-till-printouts
Misconception #3
Seller_LLIan3sGotEll
I have been through a few of the recommended softwares on HMRC website, and none of them says it is obligatory to record daily sales. Its your choice how you record them. The whole point as mentioned already is to make it digital. Making it easy or complicated is up to the individual.
Seller_BnqfOH5ahn4zV
https://www.accountingservicesforbusiness.co.uk/index.php/download_file/view_inline/159/
Could you move to Cash Accounting for your VAT
Seller_lbLKf0ZRfYhPW
Our accountant is increasing our monthly fee by £25 because of this. Has anyone else received fees increase from their firm as a result of this MTD ? Please let me know because i am thinking of disputing the increase with them
Thanks in advance
Seller_uO041MVHNr3pA
HMRC are running a load of help webinars to help agents and business owners
This link tells you more about MTD and if you also type in MTD webinars you should be able to see past presentations
https://www.gov.uk/government/publications/making-tax-digital/overview-of-making-tax-digital
Seller_LLIan3sGotEll
My position is that with respect to Amazon, you already have a record of your daily sales. So if there is any issue, it will be how you input those data into the HMRC system. All I am saying is that it is not really extra work.
Seller_SHpe5c4eREBFN
The end goal of course is to get rid of cash. No more black economy, no more cash in hand and no more fiddles. Every transaction will be traceable to and from every individual.
