It’s easy to fear the changes that come with every new Government initiative and when it effects tax returns, the anxiety levels increase even further. But, in the case of Making Tax Digital, your fears may be unfounded. Just ask Jennifer Day, who works as a mobile farm administrator for several large multi-enterprise estates in South Wiltshire and is also a member of IAgSAi.
The whole point of Making Tax Digital is to modernise things, decrease errors and reduce the administrative burden on small businesses. And Jennifer believes it does just that, she says: “It is so straightforward, you’ll wonder what you were so worried about!”
Jennifer has been a long-term client of Farmplan, using their products for over 35 years and is a beta tester for their software meaning that she tests the system to ensure it works and is fit for purpose. As a result of this involvement, Jennifer saw first-hand the enthusiasm for the project.
“I was very impressed at how HMRC and Farmplan collaborated to make the system work. I was Farmplan’s second client to submit a business VAT return using the new system and I found it so easy that I set up all my clients on it in early 2019.”
Jennifer is a particular advocate of Farmplan’s Business Manager for two reasons:
- It has been specifically developed with farm businesses in mind and has been tested by farm users. This means that it can cope with the type of complex, multi-enterprise businesses farms tend to be now.
- Farmplan worked with HMRC on Making Tax Digital at a very early stage and so the system works beautifully – there’s nothing to worry about, it does it all for you, seamlessly.
So what exactly is Making Tax Digital? Put very simply, it removes the need for a manual VAT returns to be completed. By using compatible accountancy software, such as Farmplan’s Business Manager, you have a secure connection with HMRC systems allowing you to submit the relevant figures to calculate your VAT payments at a click of a button. No additional paperwork to fill in!
It is so straightforward, you’ll wonder what you were so worried about!