Transforming our service and introducing MalgraBooks Essentials

Transforming our service and introducing MalgraBooks Essentials

Following our member survey in June/July, we’ve been busy planning the next steps for our service to ensure we’re ready for the changes, but also ensuring we provide a cost-effective service to our members.

After several months of development in the background, and many more to come in the following months, we’ve prepared the initial details of how we’re transforming our Malgra Plus service to meet the new reporting requirements for HMRC’s Making Tax Digital service.

The key changes will be as follows:

  • Malgra Free accounts will be closed
  • Malgra Plus will transition to our MalgraBooks platform, with MalgraBooks Essentials launched as a entry-level cost effective service

What exactly is happening?

We won’t go through the full details of MTD (you can read that here…) but the new reporting requirements need to be met by any individual who runs a self employed business and has turnover beyond £10,000 per year. Turnover is the money taken before anything is paid out, and our current spreadsheets will calculate this for you. It can be surprising how much turnover a group makes, before you deduct rent and SW Net Fees A.

Moving and Closing accounts

We’ll be closing our Malgra Free accounts in the new year. Our free account currently only provides access to our Knowledgebase and for our Consultant Directory. These services will be merged into MalgraBooks, and the same information will be available through our MalgraBooks website, and both will remain free to access.

For our Malgra Plus members, this subscription currently allows consultants to use our cloud spreadsheets, services and tools to prepare their returns. There’s no reporting included and this is where MTD needs to ‘connect’ with our systems to ensure we comply with HMRC requirements.

A ‘bridge’ will need to be created between the data you input in our spreadsheets, and HMRC receiving this information on a quarterly basis. That ‘bridge’ is MalgraBooks, and we (our team) need to check the information before it goes to HMRC – as should we advise HMRC of something which isn’t correct, or allowed to be claimed, that doesn’t look good for us – and HMRC could ‘close’ that bridge.

These checks will be against standard HMRC guidance (i.e. ‘can I claim xyz’), but also means that as we’re required to comply with the Anti-Money Laundering rules, we need to verify consultants are who they say they are. And these are extra administration (checks, checks and then reporting quarterly), which we need to process.

Our MalgraBooks service is setup for this – we’ve been handling consultant accounts for several years – and by bringing Malgra Plus into the same system, it makes things easier for everyone as the information is all held in one location, and allows for new features to easily roll out.

Pricing and Options

We asked about pricing during our survey, and most people suggested this new service should cost between £100 – £150. We’ve taken this on board as much as we can, and pleased to say that MalgraBooks Essentials will launch at £129 per financial year, with discounts for current Malgra Plus members. You can find out more using the button below.

How does it affect you?

We’re going to be adding to our feature list in the coming months ahead, but you can find out what the next steps are for you, either as a Malgra Free or Malgra Plus member through the dedicated ‘transforming our service’ webpage using the link below.

If you’re already a MalgraBooks client, this doesn’t affect you.

Once again, a big thanks to everyone who provided their input to our survey which has helped shape our offer, pricing and service.

Best wishes

Steve and the Malgra team x