Ahead of the switch to digital taxation this April, UK top 30 accountancy company Duncan & Toplis has announced an important partnership with the market-leading farm software provider Farmplan.
This partnership strengthens the agricultural specialist’s offering of Making Tax Digital compliant accounting software and delivers savings for clients.
Farmplan is partnered with just 24 businesses across the UK and only three businesses in Lincolnshire, including Duncan & Toplis. The partnership also marks the first time Farmplan has aligned itself with an accountancy practice that operates in Leicestershire.
The partnership comes days before one of the biggest shake ups in tax comes into force. Every VAT registered business with a turnover higher than the £85,000 threshold will have to keep their records digitally and send VAT returns using MTD compatible software from 1st April 2019, rather than traditional methods. This will include filing monthly or quarterly VAT returns directly from compliant software and maintaining accurate and up-to-date financial information throughout the trading year.
Businesses have had more than two years to adapt to Making Tax Digital, which was originally to become mandatory in April last year, but figures suggest a surge in rural businesses switching to digital platforms at practically the last minute.
Mark Chatterton, head of agriculture at Duncan & Toplis, said: “We’ve seen that Making Tax Digital will impact a great deal of businesses across the East Midlands, particularly agricultural businesses. Many may still feel unprepared for the switch because of a lack of communication from HMRC and a number of myths that have circulated over the past two years, such as the need for high-speed broadband in order to access MTD-compliant software.
“We’re working tirelessly to educate and advise our clients on what they can do ahead of the deadline and beyond. By partnering with Farmplan, we’re able to offer leading farm software that we know and trust to help them take the steps towards becoming MTD compliant. Farmplan’s software automatically calculates VAT, provides a simple, advanced cash flow management service and offers reporting and analysis tools to help agricultural businesses save time, money and stress.
“Some of our clients have been using Farmplan for 30 years and have found their services very useful. Their tools have evolved as technology and legislation has advanced over the years, and as a result Farmplan is the software market leader in the industry.
“We’re really pleased to be a Farmplan partner and we look forward to strengthening our relationship with the team, while assisting new and existing agriculture clients with all their accountancy needs.”
Farmplan has been providing accounts software for thousands of agricultural clients throughout the UK for more than 45 years. Its software specialists have developed solutions built around farming specific requirements, from seasonal incomes and cropping years to contra entries and complex VAT rules.
Farmplan has worked to ensure all its accounts products are compliant with HMRC regulations, and as a result, its accounts packages were amongst the first to be recognised as MTD ready by HMRC.
Recognising the unique needs of farmers and rural business owners, Farmplan has also adapted its entry-level solution, Cash Focus, and introduced a subscription based option to give its customers more choice and increased affordability. This is especially important for those making the move from paper or spreadsheet accounts to digital, which they may not have budgeted.
Regardless of which level of software chosen from the Farmplan range, all meet HMRC’s new requirements and can also generate cash flow reports and offer a quick and easy audit of income and expenditure.
Simon Eagle, regional account manager at Farmplan (East & East Midlands) added: “We’re very excited to be partnering with Duncan & Toplis to bring our range of accounts solutions to their client base. As leading providers of tools, advice and support for the agricultural community we’ve worked together for many years. This new partnership will help them provide an even better service for their clients, with further support from the Farmplan team. This really is an opportunity to help clients find the right solution as we move towards MTD – digital VAT and beyond.”