HMRC MTD Update Brings Helpful News.
HMRC MTD Update brings helpful news
- Supplier statements can now be used to record expenses for input tax purposes. This is a great timesaver for business using the cash accounting scheme and spreadsheets to digitally record their expenses. Until this update, every purchase with a given supplier had to be individually recorded depite the fact that one payment might have been made to cover 40 or 50 different invoices. Now a one line entry can record the payment total.
- Petty cash expenses. The other good news is that petty cash expenses can now be posted as a single total. However, this is on the basis that no individual receipt exceeds £50 and the total of the receipts does not exceed £500.
Two very welcome and sensible updates from HMRC.
If you have any further questions our team will be happy to advise you. Just call us on 01524 67111 to set up a meeting at your premises or in our Lancaster office.
Author: Alan Taylor FCCA
A former pupil at Ripley St Thomas C of E High School, Lancaster, Alan joined Scott & Wilkinson direct from school in 1994 and qualified as an Accountant in 2001. As practice manager, Alan is responsible for the day-to-day...
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