September Newsletter
Posted: 11 October 2022
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Making Tax Digital From 1 November 2022, farmers will no longer be able to use their existing VAT online account to file their quarterly or monthly VAT returns. Those that file annual VAT returns will still be able to use their VAT online account until 15 May 2023. TGM supplies the Kingswood Accounts software for farmers which is one of the listed HMRC compatible programs. For users wanting a simple system, Kingswood have a ‘VAT Only’ version available at lower cost than the standard package. This allows users to enter purchase and sales invoice in a spreadsheet type grid. The system is setup to suit the farm type before installation. It’s a simple system that does not require you to enter bank entries, hence the ‘VAT Only’ description. There are 2 other versions of Kingswood available – Standard and Enterprise. The Standard version allows the user to enter all invoices for purchases and sale, but also to enter all other transactions – bank interest, transactions such as wages, water and rates, insurance, etc, which are exempt from VAT and which are not included in VAT returns. This version includes a bank reconciliation option where the user checks off all transactions against the actual bank statement. The Enterprise version includes all of the VAT Only and Standard versions, plus the ability to set up farm enterprises eg Beef, Sheep, Dairy. All entries can be linked to the relevant enterprise so that enterprise margin reports can be produced. Users can see meal cost ewe, per litre, per head, vet cost per animal etc. The reports are very similar to those supplied to farmers who are on a benchmarking system and for anyone who is part of a benchmarking system if using the enterprise version of Kingswood it is very easy to supply the benchmarking advisor with the necessary figures required. TGM supplies the system setup to suit the farm type, with a set of codes for income and expenditure to suit. Training is provided via TeamViewer on a one to one basis and is included in the price.
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