Case study – MTD

Our client kept his records by writing all of his information in a book after trawling through his personal bank statements. He spent 2 or 3 days of his Christmas holidays doing this when he finally got to the point he couldn’t put it off any longer. He would bring the book to us in January each year, he’d have no idea what his profit levels were and the tax bill normally came as quite a shock! (and he’d have no time to save to pay it so would end up paying interest on a time to pay arrangement with HMRC).

With MTD being brought in from April 2026 he had to make the leap to digital records but didn’t feel able to do this himself. We set up the QuickBooks subscription for him and we do his bookkeeping each month, then process his MTD return each quarter.

After the 3^rd quarter we’ll review his profit levels and advise on any capital purchases or making tax efficient pension contributions.

We’ll prepare the accounts in April/May so he’ll know his tax bill with many months to save up if needed, though with the introduction of his new bookkeeping system he already set up a business current and savings account so is already saving up.

As his business is growing it’s important we monitor his turnover as he’s getting close to the VAT threshold, we can now do this in real time so there are no nasty surprises down the line.

If you’d like us to set up a digital bookkeeping system for you and take the stress out of your finances please get in touch to see how we can help.