Have you submitted your MTD ITSA Quarter 1 Return?

I was not looking forward to July, the first time MTD ITSA returns had to be prepared and submitted.  Extra work in addition to all the VAT returns and monthly accounts we already have.  But today, at the end of the third week in July I am pleased to say that the majority have been submitted and next week will see the final few done.

There has been so much negativity around these returns and I really can't see the advantage of them but it is mandatory, although of course there are no penalties this year for late or non submission.  

What helped us be so organised was knowing which clients would fall into the first mandatory filing category, advising them last year that this would be coming, letting them know in March what our costs would be and giving them new Service Agreements to include MTD.  In May we set ourselves up as supporting agent on HMRC for each one, linked their Xero accounts, and mapped the account codes (if they weren't going to a sensible place on the return).

Because we work with our clients on a regular monthly basis the accounts are kept up to date so July was about completing June accounts, preparing a VAT return and then an MTD return.  We created a bespoke income and expense report to mirror the MTD return so we could check the figures it was pulling in.  Then we submitted!

The initial set up took some time as nothing ran smoothly with HMRC or linking Xero, and mapping and bespoke report preparation was additional work, but going forward it should all run smoothly.  We didn't have a choice so I can't be negative about it.  I am just glad we have been able to provide this for our clients.  One client came back to me and said "I'm so glad I don't have the added pressure of doing this myself".

That is what we are here for.  To make our clients lives as stress free as possible - at least from a bookkeeping and payroll point of view.  We can't help much with other stresses!

So if you are a small business looking for support with your bookkeeping, your VAT returns, your MTD returns or your payroll and auto enrolment we are here for you.  We are a small friendly team of bookkeepers and payroll administrators who look after our clients and give them peace of mind.