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Post Info TOPIC: Flat rate scheme - best option software


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Flat rate scheme - best option software


Just looking for some thoughts/suggestions about the best, simplest software options for a client who is registered for VAT working in the catering industry on the flat rate scheme. He uses Excel for his accounts at the moment and I was going to suggest VT. I know VT doesn't produce the return automatically for FRS, so with MTD changes coming up I want to make sure the move is the best option for him. Each time I mention change he shakes his head and goes a funny colourdisbelief

Any thoughts will be appreciated.



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Janet

They keep making the system idiot proof but then make bigger and better idiots!

Jay


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Sorry, not in the office so short reply.

I am fairly certain that VT is to provide some form of bridging software to permit MTD VAT returns.

Although VT does not have a VAT flat rate option there are workarounds.

Even with both these issues I still find VT far preferable to other accounting Software I have used over the years.

BW



-- Edited by Jay on Monday 9th of April 2018 04:43:41 PM

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Thanks Jay

I think Joanne posted a link a few weeks ago about the workaround for VT so will be watching that to see what they come up with.

VT is my preferred software as I find it easy to use and where clients want to do it themselves they manage without too many problems.

I've been contemplating Moneysoft recently as I really like their payroll program but haven't had the time to look in to it fully to see if it's a better option.



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Janet

They keep making the system idiot proof but then make bigger and better idiots!



Master Book-keeper

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Hi Janet.

I had a look at Money Manager (Moneysoft) but I didn't like it - at all. It feels very dated and not at all like the Payroll software. I don't think it will be updated for MTD.



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John

Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.



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Leger wrote:

Hi Janet.

I had a look at Money Manager (Moneysoft) but I didn't like it - at all. It feels very dated and not at all like the Payroll software. I don't think it will be updated for MTD.


Think you've just saved me a bit of time there John, thank you



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Janet

They keep making the system idiot proof but then make bigger and better idiots!



Master Book-keeper

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No problem Janet. Have you looked at Pandle? Ok, it's cloud, but it's free and will handle Flat Rate VAT.

https://www.pandle.co.uk/features/uk-vat/

I haven't looked at it myself yet, but I'm hearing good feedback about it.



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John

Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.

Jay


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Just spoken with VT Software on another matter, and they confirmed they have already implemented changes in VT Transactions to allow VAT to be transferred to other software packages for MTD purposes.

Ok this may be an inconvenience, but as VT is superb for Accounts etc, then we are happy with the outcome.

BW

Jay



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Thanks John, I'll have a look at Pandle. I'm not keen on cloud software but it's an option to offer him. Thanks Jay, will be interesting to see what's involved with VT changes.

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Janet

They keep making the system idiot proof but then make bigger and better idiots!



Master Book-keeper

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I was going to suggest SageOne, but only cos you've mentioned having some experience of it, not because I'm recommending it or advocating it's usewinkbiggrin



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Joanne McCormick

Fallows Hall Ltd

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Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.



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Cheshire wrote:

I was going to suggest SageOne, but only cos you've mentioned having some experience of it, not because I'm recommending it or advocating it's usewinkbiggrin


This is the client who uses SageOne Payroll so it could be an option. When I suggested using it for his accounts a while back his theory was 'it ain't broke so don't go interfering with it' and...Excel doesn't cost him anything!



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Janet

They keep making the system idiot proof but then make bigger and better idiots!



Master Book-keeper

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Hi Janet

I misunderstood your op slightly. It is highly likely there will be products available to extract the VAT figures from Excel and submit to HMRC, so is it worth jumping ship just yet?

Have a read of this.

https://www.accountingweb.co.uk/any-answers/mtd-for-vat-bridging-software-for-excel-users



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John

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Leger wrote:

Hi Janet

I misunderstood your op slightly. It is highly likely there will be products available to extract the VAT figures from Excel and submit to HMRC, so is it worth jumping ship just yet?

Have a read of this.

https://www.accountingweb.co.uk/any-answers/mtd-for-vat-bridging-software-for-excel-users


Thank you. This would probably be the best option so will have to wait and see what happens but have some other options in mind. All this uncertainty messes with my headno Is it Friday yet!



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Janet

They keep making the system idiot proof but then make bigger and better idiots!



Master Book-keeper

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Agree with John, if it ain't broke and all that. At least not yet and with any luck the whole daft scheme will go away!

Almost Friday, although wished that made a difference!!winkbiggrinThe joys of being self employed.



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Joanne McCormick

Fallows Hall Ltd

Winner - Bookkeeper of the Year 2015, 2016 and 2017

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.



Master Book-keeper

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Cheshire wrote:

Agree with John, if it ain't broke and all that. At least not yet and with any luck the whole daft scheme will go away!

Almost Friday, although wished that made a difference!!winkbiggrinThe joys of being self employed.


They've got to delay it surely? Just over a year to go before the first submissions and even the software companies haven't been given any clear definitions yet.

Forgot to say - Happy Friday !!!!



-- Edited by Leger on Friday 13th of April 2018 12:44:23 PM

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John

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Leger wrote:
Cheshire wrote:

Agree with John, if it ain't broke and all that. At least not yet and with any luck the whole daft scheme will go away!

Almost Friday, although wished that made a difference!!winkbiggrinThe joys of being self employed.


They've got to delay it surely? Just over a year to go before the first submissions and even the software companies haven't been given any clear definitions yet.

Forgot to say - Happy Friday !!!!



-- Edited by Leger on Friday 13th of April 2018 12:44:23 PM


I'd love it all to go away John or a delay of about 15 years and I'll be retired...hopefullybiggrin

Joanne, my business is small enough that, other than one client who doesn't care what day or time it is, I only do weekends if I'm playing catch up...or I've skived too much during the week!

I've been looking forward to today since Monday :) However, I got a phone call on Wed from an accountant who wants to discuss my 'capacity for potential work' so now I've got elephant butterflies stamping round my insides. Roll on 4pm when hopefully it will have been a successful meeting and I can open the fizzhandshake.gif



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Janet

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Master Book-keeper

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Sounds interesting Janet, let us know how you get on.



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John

Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.



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Leger wrote:

Sounds interesting Janet, let us know how you get on.


It went really well John. If the reality lives up to the conversation I think I'll like working with them and it was a huge confidence boost. Also enjoyed talking about the subject I love with someone who's interested...think I bore my husband! Planning a bit of induction in a couple of weeks to meet his team and get the technology systems in place then I'll be off and awaybiggrin



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Janet

They keep making the system idiot proof but then make bigger and better idiots!



Master Book-keeper

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Hi Janet
Sorry I saw your ealier post, meant to respond, got sidetracked, drank wine and forgot!!!!

Huge well done on the new role. Thats fabulous news. Give us an update when you start.

lol, know what you mean about skivving - sometimes working from home = starring at the workpile, or wandering off and leaving it.

Now go and celebrate properly, hic!

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Joanne McCormick

Fallows Hall Ltd

Winner - Bookkeeper of the Year 2015, 2016 and 2017

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.



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Cheshire wrote:

Hi Janet
Sorry I saw your ealier post, meant to respond, got sidetracked, drank wine and forgot!!!!

Huge well done on the new role. Thats fabulous news. Give us an update when you start.

lol, know what you mean about skivving - sometimes working from home = starring at the workpile, or wandering off and leaving it.

Now go and celebrate properly, hic!


Thanks Joanne, I did celebrate all weekend which is why I didn't let you all know on Friday. You should see our bottle recycling this weekbiggrin And I've been a brave lass and spoken to the client who I'm giving up...no more website issues or auction program problems, yippee. Will keep you up to date about my antics!

Apparently taking Vit B1 is good for the brain damage that alcohol does - hasn't made mine any better, I still forget everythingdoh



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Janet

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Kinbuck wrote:
Apparently taking Vit B1 is good for the brain damage that alcohol does - hasn't made mine any better, I still forget everythingdoh

I can't believe what I did tonight. I have a memory like a sythe, and have an app on my phone to add reminders. Thought, oh I must do that tomorrow, and went to add it to my reminders, then forgot what I was adding!! Not a drink in sight eithercry Still cant remember what it was.

Huge congrats on getting the gig, I'm well pleased for you.



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John

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Leger wrote:
Kinbuck wrote:
Apparently taking Vit B1 is good for the brain damage that alcohol does - hasn't made mine any better, I still forget everythingdoh

I can't believe what I did tonight. I have a memory like a sythe, and have an app on my phone to add reminders. Thought, oh I must do that tomorrow, and went to add it to my reminders, then forgot what I was adding!! Not a drink in sight eithercry Still cant remember what it was.

Huge congrats on getting the gig, I'm well pleased for you.


Of course, it could just be an age thingwink

Thanksbiggrin



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Janet

They keep making the system idiot proof but then make bigger and better idiots!



Master Book-keeper

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Oh Janet - you are brave.

Oh dear John - I think the only person older than you might be Shaunwinkwinkbiggrin

(OK, I know there maybe one or two others!evileye)



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Joanne McCormick

Fallows Hall Ltd

Winner - Bookkeeper of the Year 2015, 2016 and 2017

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.



Master Book-keeper

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Cheshire wrote:

Oh dear John - I think the only person older than you might be Shaunwinkwinkbiggrin


I don't think he'll thank you for that Joanne, he's actually younger than me!!



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John

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Cheshire wrote:

Oh Janet - you are brave.

Oh dear John - I think the only person older than you might be Shaunwinkwinkbiggrin

(OK, I know there maybe one or two others!evileye)


We're all just bairns at heart. As long as I stay away from the mirror I think I'm 21biggrin (obviously in denial!)



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Janet

They keep making the system idiot proof but then make bigger and better idiots!



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Leger wrote:

Sounds interesting Janet, let us know how you get on.


Well, the last 2 weeks have been very much rabbit in the headlights for me

eyepopping.gif

Induction wasn't the best but I've now been let loose on 'live' client files - only 24 IR35's to do this month! Their system is good and I'm getting the hang of doing the journal entries in the prescribed order. Hopefully I'll feel more comfortable in a few weeks - it's amazing how a different chair, screen, keyboard etc can make a difference to productivity! Even the light in the office is taking some adapting to (haven't got the greatest eyes...i.e. gannin blind!!)

Hope you're all doing okaysmile



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Janet

They keep making the system idiot proof but then make bigger and better idiots!



Master Book-keeper

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Thanks for the update Janet. I expect you'll soon get settled in and used to their systems etc. Never done IR35 books so are they more complicated or easier? I'm guessing the latter as the primary transactions will be payroll related but I may be wrong!!



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John

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Leger wrote:

Thanks for the update Janet. I expect you'll soon get settled in and used to their systems etc. Never done IR35 books so are they more complicated or easier? I'm guessing the latter as the primary transactions will be payroll related but I may be wrong!!


Hi John

They're (reasonably) straightforward depending on knowing what the transactions are for. I've had a couple with huge amounts of movement in the bank account so it was time consuming. I just have to do the journal entry for the payroll but it all looks quite neat.

Pimms was ready when I got home tonight which was a fitting end to a very productive week :)

Happy weekend everyonesmile



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Janet

They keep making the system idiot proof but then make bigger and better idiots!



Guru

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Hi Janet, sounds like your enjoying it (the work and the Pimms)



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Doug

These are only my opinions of how I see things and therefore should not be taken as advice

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