MTD "fall out" has already started
The MTD consultation deadline date has passed so anyone who wanted to complain /make their point should have done so by now. But having spoken to one HMRC person overseeing previous consultation papers - if you havent submitted it isnt too late - he said they would accept late submissions but obviously not too late.
As Rebecca said in an article - everyone should have submitted a response to at least one or two of the questions so that the number of complaints are noticed.
We now have to await the outcome. However, I have submitted responses to other consultation papers on behalf of Accweb members and I can tell you now that MTD will go ahead in the format as set .
And the reason is to tie in with Universal Credit - there is an indication that this is the real reason in one of the documents. HMRC have spent a fortune of (our) money on this project and wont go back on it now.
This should have been stopped at the beginning. I spoke to Rebecca a couple of weeks ago and complained that the Institutes dont appear to have done anything much. She said that they had been fighting hard but I havent seen much evidence of this - maybe because they have and havent won that they are keeping quiet out of embarrassment.
MP's tried as we know and got no where. So it will be interesting to view the result. I cant help but think that HMRC originally thought up this idea as a way to save money and now have gone so far down the road (and cost) that they cant back out now.
Meanwhile - the fallout is happening already. There have been many comments from (lets say) the more elderly Accweb members saying that they will be giving up and retiring early. In my area the number of small accountants are few and far between just by the nature of logistics. Any who want to sell are usually swallowed up by the bigger office based firms in the area. They buy up the practice and the practitioner stays on as a consultant.
The broker I used a couple of years ago must have trawled through their back log of clients because this week I received an email saying that there was a practice available for sale only 20 miles drive from me. A small non VAT registered practitioner working from home wants to retire. That same day I received a letter from another broker saying that there was a smaller set of fees for sale for the same reason in another area again in the next big town.
I answered both and although the first broker responded the same day I am still waiting for the one that sent the letter to respond - perhaps it was one of those 'putting feelers out' letters similar to letters sent by estate agents saying that there is someone wanting to buy a property in your road etc.
Meanwhile I have a meeting set with the proprietor of the first practice next week. I havent been told whether I'm the only one interested but I have been given a list of the number of clients, the type of client and fee income from the top 10 clients
From my past ventures into the buying of a practice (see my blog here June 2014 https://www.accountingweb.co.uk/community/blogs/jaadams/due-diligence-li...) I have kept the Due Diligence questions that the broker sent at the time so I will be going through that before the meeting so I am well prepared.