For some clients making tax digital is now start to loom with them needing to commence quarterly returns in less than twelve months. With this in mind, they may be looking to set up new software programmes in preparation.
But where do you start with the headings to use in your accounts? HMRC have stated that the quarterly returns should be submitted with the same breakdown as current SA103 and SA105 returns, therefore Whiting & Partners have put together a standard chart of accounts list to help you set up your systems or modify existing systems. By following this list you should ensure the first submission of the quarterly returns run smoothly.
As yet HMRC have not issued guidance for Limited companies, as soon as we receive further details on this we shall prepare a further standard chart.