MTD and small business men/women

MTD and small business men/women

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Is HMRC, in any way, in any place, addressing small business men and women and telling them what it (HMRC) is going to burden them with? And how much extra it will cost them? And how much HMRC will save?

Or is HMRC expecting the accounting profession to do their dirty work for them? And take all the flak.

Replies (5)

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By Tim Vane
19th Oct 2016 19:36

Thankfully HMRC are saying very little to small businesses about what it is going to burden them with, how much extra it will cost them and how much HMRC will save.

The simple fact is that nobody knows any of these things. The consultations are not even completed yet, and the amount of effort expended on guess-work, speculation and hand-wringing on this site is frankly astonishing.

When I have a clear idea which of my clients may be affected, how they may be affected and when they may be affected, then I will start informing them of my recommendations. Until then, I'm going to let them get on with their busy lives and not only am I not going to worry them with idle speculation and guesswork, I also don't want them to be bothered by loose thinking and unrealistic pronouncements from HMRC.

We've already had a U-turn on spreadsheets, and suggestions that the turnover limits will be reviewed further, and it's anybody's guess how the final proposals will turn out. So let's hope HMRC keep quiet until they actually have something useful to say.

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By Duhamel
19th Oct 2016 23:59

Small business men? I'm 5ft 11 so do I count?

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Tornado
By Tornado
20th Oct 2016 00:33

The idea of targetting unincorporated businesses and landlords first for MTD is that someone thinks this group will be the easiest to convert.

Need I say more about the intelligence behind this project.

I guess they think that it going to be so easy that there is no need to advise that group of what is going to happen.

At the moment, despite what the Government may think, there is no practical plan in place to introduce MTD so we need to hang on until we see something that looks like it will work (or otherwise) before taking appropriate action.

I would add, however, that there is no way that I am going to spend unpaid time on this project trying to achieve the impossible, so the Government need to snap out of their delusion that everyone is going to do their work for them.

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By marks
22nd Oct 2016 22:29

We sent out a 10 FAQs enewsletter to clients/prospectives/clients this week.

Just making them aware that MTD is going to happen and that they should have a look at the consultations if they want to have some input.

I did a training course on bookkeeping yesterday where 7 small business owners attended. Not one of them were aware that MTD is happening. That is the worrying thing. Thats why we did the enewsletter. To let people know it is happening.

We generally laid out how it is proposed to be introduced but said to everyone not to take any knee jerk reaction.

When the final proposals are in place we will inform everyone of the implications.

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Replying to marks:
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By Yonder Dave
23rd Oct 2016 12:58

marks wrote:

We generally laid out how it is proposed to be introduced

Can you let me have next week's Lottery numbers, please?

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