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Making Tax Digital: counting up the benefits to business

Martin Bugg, of Larking Gowen, says businesses need to act now if they haven't already started the process of moving their VAT returns onto software.

Making Tax Digital can be simple to set up and will have positive effects on businesses in terms of time and cost savings, according to a leading firm of chartered accountants in the region.

Martin Bugg, of Larking Gowen, says businesses need to act now if they haven’t already started the process of moving their VAT returns onto software.

“Larking Gowen is Making Tax Digital ready and fully accredited for two of the leading software packages, QuickBooks and Xero,” says Martin.

“As a Platinum Partner with QuickBooks, we have an excellent working relationship with them and first-rate support for all our clients,” he continues.

“This includes providing our clients with the newly released Welcome Hub for QuickBooks online, which delivers free up to date training and support on the software, together with an email series of training material.

“Larking Gowen is one of a small number of firms in the UK to offer this support free of charge to its QuickBook clients,” says Martin.

By 1 April 2019, most VAT registered businesses in the UK must submit VAT digitally, and by 1 April 2020, other businesses need to get on board.

“With our help, getting the software and transferring your company data onto it can be a straightforward process,” says Martin.

“We start with a conversation to find out where any difficult issues are, and where efficiencies can be made. We can then recommend the software package that is most appropriate to your business,” he says.

In a ‘one-stop shop’ service, Larking Gowen can then convert their client’s data into the software.

Once set up, the client can receive ongoing support and checks, if they need it, to make sure they are using the correct VAT codes in each part of their return.

“Making Tax Digital is something all businesses have to come to terms with, but it delivers a number of positives which make the process worthwhile.

“By using MTD, you are in effect buying your time back. The time savings you make can be used to generate more income for your business.

“In addition to this, you have the benefit of seeing your business in the here-and-now rather than historically, which is a great benefit to decision-making. You can get your accounting data on the move, either on a phone or tablet.

“My clients can see the impact of any business decision much more quickly, and can follow up or reverse it as necessary,” explains Martin.

As well as the main packages, Larking Gowen can provide a number of ‘bolt-on’ packages, such as Chaser (automated credit control system) and Receipt Bank (which manages your receipts) which can bring further automation and therefore more efficiencies to a business.

“We have also found bringing these services to our clients and talking about efficiencies, connects well with our business advisory offering, which can have a tangible effect on growth and profits.”

For more information, please call Martin Bugg on 01603 624121 or visit www.larking-gowen.co.uk

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