Now that MTD (Making Tax Digital) for VAT registered businesses has finally arrived can we actually use this technology to allow us to understand more about our business? From capturing invoices and receipts to chasing debt the use of Apps is massive in all walks of life including bookkeeping. Let Simon share with you how to automate some of your most hated tasks and share the benefits of jumping to cloud technology.

2. Social Media
Follow: @TheBusJourney
Hashtag: #SMEJourney

4. What next
after MTD?…

5. For those that
don’t know
who we are
…. ‘Team
Bald’ ..

6. MTD –The
reason
MakingTax Digital is a key part of the government’s
plans to make it easier for individuals and businesses
to get their tax right and keep on top of their affairs.
HMRC’s ambition is to become one of the most
digitally advanced tax administrations in the world.
MakingTax Digital is making fundamental changes
to the way the tax system works – transforming tax
administration so that it is:
 more effective
 more efficient
 easier for taxpayers to get their tax right

7. MTD –
timescales
(VAT)
VAT-registered businesses with a taxable
turnover above theVAT threshold are required
to use the MakingTax Digital service to keep
records digitally and use software to submit
theirVAT returns from 1 April 2019.
NO LONGER ABLETO USETHE CURRENT
GOVERNMENT GATEWAY SYSTEM! (cant type
in numbers – bookkeeping MUST talk to MTD
system)

8. MTD – moving
forward …
Hopefully everyone that falls into MTD now using
compatible software
 Kashflow
 Quickbooks
 Xero
 Freeagent
 SAGE Cloud
 Etc etc
 PS HMRC estimate 120,000 businesses missed the 1st
deadline for June 2019 returns!

9. MTD – moving
forward …
What if we can turn the regulation into a benefit?
The world has moved to Apps and the Accountancy and
Bookkeeping market is no different …. A few examples ..

10. MTD – moving
forward …
Automated debt collection – Satago
 Automated reminders and chasers

11. MTD – moving
forward …
Automated debt collection – Satago
 Messaging system – can see if clients have opened the
reminder

12. MTD – moving
forward …
Automated debt collection – Satago
 Credit score / Invoice finance

13. MTD – moving
forward …
Direct postings from your sales system into your
bookkeeping package ….
Most systems will link into
 Paypal
 Shopify
 Ebay
 Amazon
Benefits – once only entry!

14. MTD – moving
forward …
Intelligent OCR (Optical Character Recognition) for inputting
purchase invoices into your accounting package
You take a picture of the invoice and 30 seconds later it can be
in your bookkeeping software (auto publish)
Most systems will link into
 Receipt Bank
 Autoentry
Benefits – storage of paper! Huge time savings if bank
matching done correctly.

15. MTD – moving
forward …
GoCardless – the online DD solution
 You don’t need to apply for your own Bacs Originator
ID – you use their number making the set process much
quicker.
 You get paid 2 days after the money has been
collected.
 Ability to brand the software to look like your
webpage.
 Can set up recurring (subscription) or one off payments
linked to invoices.
 Payments protected by the Direct Debit Guarantee
Scheme

16. MTD – moving
forward …
GoCardless – the online DD solution
 Easy online set up – can be taking payments within 7
days

17. MTD – moving
forward …
MakingTax Digital will bring advantages
 All of these systems can be driven by one database
 One entry point (for some) – update info in one system
and it should pull through to the others.
 Cashflow and time benefits of automation – but have
to get the set up correct.
 Added reporting ability including apps to predict the
future trading position & required funding
 Float
 Futlri
 Ability to have much more informed conversations and
better decision making.

18. Get inTouch
If you would like to chat about your
business or your personal finances
Call: 0141 290 0262
Email: simon@muwca.co.uk
Visit: www.muwca.co.uk for more info
about our services

19. GetSocial
At Murrison &Wilson we
embrace new mobile
technology and social
media.
Find out our latest news and
views, watch our videos or
choose to keep in touch in a
way that suits you best.

20. Questions for Simon

21. Date for the diary
The next Business Journey
event
November 12