Farm IT Help - FarmIT 3000 Gold Accounts

FarmIT 3000 Gold - Accounts

FarmIT 3000 Gold provides all the features of computorised accounting tailored to the needs of the farm. Keeping accurate accounts is important not only for providing you with your income for your tax return, but also enables you to analyse the performance of your business, calculate your VAT liabilites and track who owes you money.

FarmIT 3000 Gold also makes it possible for you to analyse the gross margins on animals, with each animal being given an actual account to track the costs of purchase, feeds and treatments, and record the income from selling the animal.

FarmIT 3000 Gold uses double entry book-keeping to record your transactions, thus every transaction is recorded against two accounts, one account debited, the other credited. Thus at any instance in time we may check that the books balance. This report is know as a trial balance, and indicates that all is in order.

FarmIT 3000 Gold is not desiged to replace your accountant, but to help you keep the records from which your accountant may produce your final accounts. It will still be important for your accountant to analyse your account and advise you on financial matters, but we hope FarmIT 3000 will make their job easier and at the same time enable you to keep a closer track on your business.

Making Tax Digital - April 2019

Making Tax digital brings major changes to the way HMRC interacts with you and your business. Not all changes are happening at once but start with submission of VAT in April 2019. It is not clear if this deadline will be met as basic testing is still in progress. Assuming it will be met you will be expected to submit your VAT return through a tested and approved software program. The current HMRC online method for manual entering your monthly VAT will be switched off so you HAVE to use a software package to do your VAT return. You may have already had information from your accountant who may be concerned you are not ready or that FarmIT 3000 may not work with the new MTD system. FarmIT 3000 WILL WORK AND IS READY for the new MTD system should it go live next April. For more information click Here