You are not being asked to record anything new, or to do anything different with it. The VAT return itself is unchanged – you are just required to record it in a different way, quite likely on a new system and for many businesses this is a major change with a tight timescale. So how can you prepare?
- Start reviewing how your office procedures will need to change and select your software as soon as possible so you have the time to get everything up and running and get familiar with the software.
- You probably won’t need to change how you file and store financial information but you may take the opportunity to see if any improvements could be made.
- Think about how else you can benefit from storing data digitally. There are numerous pieces of software available that will just make sure that you are VAT compliant but why not make the data work harder and get a better return on the time and cost of moving to digital financial recording? Just recording data digitally to meet a Government imposition is missing the chance to get a tighter and more visible hold on your finances. The case study shows how one business is taking this opportunity to make the most of their data.
Promar clients using FBA are already seeing the benefits of tighter financial control and with their software already being MTD compliant they will have one less thing to worry about.