Anonymous
Share this content
19

Well that was another January!

Another January... is it worth the while?

Didn't find your answer?

Anybody, like me, thinking enough's enough?  With MTD coming (eventually) time to sell up to do something different.  Or are you eager for more?  Just a barometer check on the thoughts of others. 

Replies (19)

Please login or register to join the discussion.

avatar
By memyself-eye
11th Feb 2020 10:17

Not just MTD..
I just need to win the big one on the premium bonds and I'm off (even if it's not such a big one)

Thanks (0)
Replying to memyself-eye:
By Paul D Utherone
11th Feb 2020 14:28

Quote:

Not just MTD..
I just need to win the big one on the premium bonds and I'm off (even if it's not such a big one)


Me first :)
Thanks (0)
avatar
By ohgoodgodno
11th Feb 2020 10:18

For us, the usual suspects have got worse, mainly I think we've made a rod for our own backs and have always got the late comers in on time in prior years, so these clients have got away being late and think they can be late in the day again.

Some of these definitely deserved to be late and get fined, but we still got them done, not always for any appreciation either

I see MTD as a big opportunity if it comes in, I think we'll have fewer clients but will do more for them, it will be the opportunity to wave goodbye to the clients who are always last minute and unresponsive

not sure why this post needs to be anon?!

Thanks (0)
Hallerud at Easter
By DJKL
11th Feb 2020 10:33

"Well, I heard some people talkin' just the other day
And they said you were gonna put me on a shelf
But let me tell you I got some news for you
And you'll soon find out it's true
And then you'll have to eat your lunch all by yourself
'Cause I'm already gone
And I'm feelin' strong
I will sing this vict'ry song, woo, hoo,hoo,woo,hoo,hoo"

Above is for those like me that have stepped off the client driven January treadmill, for those of you who cannot escape:

"January
Sick and tired, you've been hanging on me
You make me sad with your eyes
You're telling me lies
Don't go, don't go"

Thanks (0)
Replying to DJKL:
avatar
By Whatisname
11th Feb 2020 10:40

Ditto stepping off the treadmill - feeling great!

Thanks (0)
avatar
By SXGuy
11th Feb 2020 10:52

Im hopeing MTD for tax will never come, I just wouldn't be able to cope with it if im honest.
Im a one man band, yearly clients I can deal with, chasing them all every 3 months will be a logistical nightmare.

I personally cant see it happening for a very long time anyway, no one is ready to comply with what it would entail, think about the amount of clients who come in at the last minute, or leave organising their work till way past April. Now imagine how they would be having to organise themselves every 3 months? isn't going to happen.

Until we reach the point where everything is done digitally, its never going to work.

It was never a great leap for MTDfV, because majority of vat reg clients were already submitting details every quarter, so they were used to the process, but to then apply that to yearly clients who require S/A, sorry it isn't a laughing matter, but it feels like one.

Can you imagine the infrastructure HMRC will need to deal with all these people? I don't even think they are ready to cope with it.

But, to answer your question, if it were to happen, my fee would go right up, because id be forced to employ someone just to handle to chasing if nothing else.

Thanks (0)
Replying to SXGuy:
Hallerud at Easter
By DJKL
11th Feb 2020 11:02

You seem to be under a delusion that HMG cares about the stresses they will cause to your business and those operated by your clients.

You just need to listen to something like Gove's recent comments to importers/exporters to better understand that most in government have little real idea how business actually works/operates and of those few who do understand only a tiny proportion actually care about business.

HMRC will get their shiny new tax toys because they have the ear of HMG and you and I do not.

Thanks (0)
Replying to DJKL:
avatar
By SXGuy
11th Feb 2020 11:19

That's fair enough and I agree with you, but they can not change the fact that compliance will probably be next to zero.

Thanks (0)
Replying to SXGuy:
Hallerud at Easter
By DJKL
11th Feb 2020 11:22

Well, post transition more fines for HMG.

Thanks (0)
By K81
11th Feb 2020 11:04

Also hoping that MTD will not reach personal tax any time soon - as said by others a lot of clients can barely manage to provide information once a year, documents lost, duplicates requested. Am I the only person who asks HMRC to send employment history figures to clients with increasing frequency , how will that work?

Thanks (0)
avatar
By Bob Loblaw
11th Feb 2020 12:00

I quite enjoyed it. I usually spend 10 months of the year so sedentary that I often get mistaken for a corpse. The primal rage I felt by the 31st January was a nice reminder that I'm still alive and kicking.

Thanks (3)
avatar
By adam.arca
11th Feb 2020 12:41

Well, for me personally, it wasn't the worst January I've ever had by any means.

But, at the end of the day, it was still a January and I'm not getting any younger. By the 31st I was absolutely comatose on the floor, far too knackered to even be angry about it all (and I don't do silly hours any more).

As for extending MTD, clearly something has to give. Either HMRC / HMG need to stop day dreaming about all the wonderful things *going digital* is supposed to do (they'll probably claim it improves your love life next), or the accountancy profession will need to change pretty fundamentally the way it does things. I know which I think is more likely and I'm not really looking forwards to it.

Thanks (1)
My photo
By Matrix
11th Feb 2020 13:35

I don’t feel we make that much from self assessment under the existing system after all the chasing and faffing and we are not cheap. So it will certainly not be a money spinner when we have to do it 4-5 times a year.

We will adapt though and look at it as an opportunity. As we all know, technology means that taxpayers can file all this themselves but most do not want to, so there is plenty of work out there. Self employed clients are getting younger, I have just set up a second company for a 23 year old.

Thanks (0)
By ireallyshouldknowthisbut
11th Feb 2020 15:32

I remain intrigued that people who run their own practices moan about Jan.

If you work for a bigger firm, sure you get what you are dealt, but anyone who is the boss sets their own policies and how busy or not you are. I would not even consider working weekends in Jan to accommodate lazy clients. My call.

MTD for general clients is clearly barking mad, but its a great billing opportunity for the profession. We can charge a pretty penny to fling really low quality data to HMRC which they wont act on, and as an added bonus all your SA will be done by the summer as you will have the data by end of April.

Thanks (0)
Replying to ireallyshouldknowthisbut:
ALISK
By atleastisoundknowledgable...
11th Feb 2020 16:55

Quote:

... its a great billing opportunity for the profession. We can charge a pretty penny to fling really low quality data to HMRC which they wont act on, and as an added bonus all your SA will be done by the summer as you will have the data by end of April.

*

* other viewpoints are available. I’m sure I’m not the only one who’ll lose 90% of the SA clients as soon as I quadruple their fees.

Thanks (1)
Replying to atleastisoundknowledgable...:
By ireallyshouldknowthisbut
11th Feb 2020 17:25

but you wont need to *4. You are not working the tax our 5 times a year, you only do that the once, you are just shunting low quality data over to HMRC 4 times a year & doing the normal year end stuff as you normally do.

It will be about systems and processes, dealing with exceptions and "no shows" of data from the client. It will be nothing to do with tax or accuracy, but building a user friendly way of your client supplying shoddy data, and your flicking it in HMRC general direction. Its not as if any tax is due on submission, its just about submitting SOMETHING to avoid a fine. Its a completely different mindset to what we normally do, and I think a lot of accountants will do it poorly, which actually get me quite interested from a business opportunity POV. I imaigne 3 levels of service, a "do it properly, with quarterly tax estimates at probably 5 times normal fees", a "quick and dirty t/o & costs" port from client data, and a low cost "rough estimate" service having spelled out any penalties etc. I think most will go middle range, and the PITA clients just pay you to put in what they did last year. If you are pricing say £50 a submission for the middle option, so £200 PA on top, for say 150 client,s that £30k PA fee income for about a 2 weeks work a quarter, allowing 30 minutes a client. Potentially you can file in 5-10 minutes for organised clients, and an hour for slow ones, its "look ma no hands" work, no need for my to sign off or check it, my No.2 can do it.

Thanks (0)
Replying to ireallyshouldknowthisbut:
avatar
By SXGuy
11th Feb 2020 18:31

That's all good and well if all you need do is submit "something" every quarter, I'm sure there will be some who just send in 1/4th of the previous years accounts and then adjust it all on the 5th submission at year end.

But if the submissions require a digital link and be backed up by bank statements supporting those figures it won't be so easy.

Thanks (0)
Red Leader
By Red Leader
12th Feb 2020 11:43

Three more Januarys for me and then it's stumps. Great!

Thanks (0)
By Husbandofstinky
14th Feb 2020 12:59

MTD will get railroaded in and just see it as yet another compliance and revenues exercise. Some may see it as an opportunity although the idea of multiplication of fee income as a result for everyone to me seems far fetched. For some yes but not the majority. The decision then will be which route to go down next. The idea of fewer more lucrative clients appears great, but then the old adage of eggs and basket springs to mind.

It will be what it is going to be and there will be a living to be made. However, retirement for me doesn't have to be a million miles off (even though sub 50 - just) and will just play it by ear. Not going to get too excited over it.

Thanks (0)
Share this content

Related posts