Advocates Making Tax Digital for VAT seminar in Edinburgh
28 February 2019, Advocates, Barristers, Companies, Sole Traders
Advocates Making Tax Digital for VAT seminar
We are looking forward to presenting the Advocates Making Tax Digital for VAT seminar in the Mackenzie Building in Edinburgh on 1st March 2019.
Tim Alter will be presenting the lunchtime talk to the Faculty of Advocates. For any advocates who can’t make the Edinburgh talk at 1:00 there is a video link to the Optimum Advocates consulting rooms in Glasgow. A recording will be made available allowing other advocates to get CPD accreditation after the event.
How do I register?
The event is organised by the Dean’s Secretariat. To register for a free ticket for the session please head to the Eventbrite page for the Faculty of Advocates. Please note that the lunchtime talk is for members of the Faculty of Advocates only. There will be a recording for any advocates who are not able to attend on the day. The session has been accredited with 1 hour Practice Development CPD.
A copy of the presentation slides is available from the Dean’s Secretariat or from Alterledger on request.
Topics for the Advocates Making Tax Digital for VAT seminar
The items to be included in the talk are:
- How to organise your bookkeeping to allow digital links to VAT returns
- Software requirements for MTD – How Lex and Xero will make things easy
- What to do if you have received a letter from HMRC
- Income to include (e.g. rental properties, consultancy fees, commissioner fees etc)
- Fees received by FSL in last few days of quarter
- Managing your online account with HMRC
- Paying by Direct Debit
How can I take part in the event?
Alterledger is a digital accounting practice. We use digital technology to ensure the smooth running of our service and the Advocates Making Tax Digital for VAT seminar is no exception. For advocates attending in Edinburgh or Glasgow on 1st March or viewing the recording until 7th March, questions can be asked on the Slido app.
Please navigate to slido.com and enter the event code #advocates to post questions anonymously. The Alterledger team will email a list of questions and answers to the Dean’s Secretariat after 7th March.
Do I have time to prepare for Making Tax Digital?
Your accountant (if you have one) will be able to deal with all the extra work required to comply with MTD. Hopefully you are already in a good habit of keeping digital records using Xero and ReceiptBank. If you don’t have an accountant and you currently prepare your own VAT returns, the new process is likely to take considerably more time than you allow at the moment.
According to a report from the House of Lords for those transitioning from paper records, costs may be as as high as £2,600 and three days of client time to make the transition to MTD.
| Cost Type | Cloud Software | Desktop Software | Paper records |
|---|---|---|---|
| Software Costs | £0-£300 | £300-£600 | £300-£600 |
| Accounting Support | £200 | £500-£1,000 | £1,000-£2,000 |
| Additional Client Time Required | 1-2 hours | 2 days | 3 days |
| Worst case scenario (cost and client time required) | £500 and 2 hours | £1,600 and 2 days | £2,600 and 3 days |
What if I am already a client of Alterledger?
We are prepared for Making Tax Digital and all our VAT registered Advocates have been migrated onto a new VAT platform using Xero.
If you would like to discuss your VAT and accounting needs with Alterledger, please use the contact form at the bottom of this page.
