Calender-2020
Tax & Accounting25 June, 2019

DSA Prospect

DSA Prospect takes Making Tax Digital for VAT in its stride with CCH OneClick

Based in a former workhouse chapel in Witney, Oxfordshire, DSA Prospect has a diverse client base, with the majority of clients being owner-managed medium-sized businesses. The DSA Prospect team enjoys helping these clients achieve their aspirations and aims to make accountancy and tax as pleasant and painless as possible for them.

Game-changing software

For some years, DSA Prospect used a mix of software and spreadsheets for different functions, such as tax, accounts, timekeeping and billing. As founder director and partner Alec Pridsam recalls, “We must have had seven or eight products in place, which was fine when there were only four of us, but with a growing team, this fragmented way of working became unsustainable.”

The firm implemented the CCH Central suite from Wolters Kluwer a couple of years ago, gaining all the benefits of integration. Today, the 22-strong team uses the software for compliance on accounts production and tax, as well as products that support the flow of information and work through the firm, such as CCH Practice Management, CCH Audit Automation and CCH Document Management.

Alec comments,

“Adopting Wolters Kluwer has been a game changer. Everyone is up to date and everyone shares the same consistent view of the data. It’s upped our efficiency no end.”

The right tools for the job

Plans are under way for the firm to celebrate ten successful years in business in 2020. Since its formation, there has been continual change to the compliance framework, including major initiatives such as RTI, CIS, iXBRL, IFRS and Auto Enrolment.

The firm has added CCH OneClick to manage the current compliance challenge: Making Tax Digital for VAT (MTDfVAT). The team started to use CCH OneClick well in advance of the mandate: first to produce the firm’s own returns, then piloting it with IT-savvy clients.

The aim is to move a total of 220 clients to CCH OneClick for MTDfVAT and every quarter sees more client VAT returns being processed this way. Clients with the potential to go over the VAT threshold are encouraged to adopt digital record-keeping and submissions sooner rather than later, so that it becomes simply the way VAT is done.

The team does the bulk of the work to prepare and submit the return in most cases. A small number of clients do the work themselves for the team to check and submit. Alec values this flexibility and adds,

“However you use CCH OneClick – and you can use it in a variety of ways – it always keeps a record of what’s been done. It also saves our time by logging when the client has paid the fee to HMRC, where previously we had to call them to check.”

Help along the way

Alec approaches regulatory change with a positive attitude: “Changes to the compliance framework always come with a fanfare and a measure of foreboding within the profession. You need to understand what’s required and then it’s usually straightforward.”

He appreciates the support provided by Wolters Kluwer in helping the firm to prepare for this latest change:

“The guidance we received ranged from a seminar with the opportunity to ask questions, to online help, to training days. Wolters Kluwer helped us to get to grips with what’s required on MTDfVAT and how we can use the software effectively to comply.”

Key benefits for DSA Prospect

  • Implementing integrated software has increased efficiency across the firm
  • CCH OneClick tracks submissions and payments made to HMRC
  • Support from Wolters Kluwer on how best to use the software for MTDfVAT compliance

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