Member Since: 7th May 2021
Javes & Co Chartered Certified Accountants
23rd Oct 2021
I genuinely found Rebecca's MTD journey interesting. But, for me personally, I have no desire to get involved in writing up clients' records every 3 months, with just a month to do so. It is totally ridiculous for the smallest of clients.
19th Oct 2021
The purpose of MTD is to add an unnecessary burden on small businesses, and make life even more difficult for them, as they emerge from the covid pandemic, and also face an NI increase. The threshold is far too low, and many businesses will inevitably fail to comply with the requirements.
11th Oct 2021
The government should be made aware that it is quite likely in a couple of years time there will be a shortage of tens of thousands of essential workers -accountants. This could easily be remedied, by abandoning the rollout of MTD for IT.
11th Oct 2021
I'm becoming increasingly convinced that HMRC are just doing this for the penalties, which is a disgrace. I can see no benefit at all of quarterly updates for a client with say £20K sales, and £10K costs -especially when any old trash can be submitted!!
7th Oct 2021
HMRC's figures are laughable, although it isn't funny really...
1st Oct 2021
Thanks Rebecca. So, we currently have a self-assessment tax return, but in future we will have a tax return, an EOPS, a year-end finalisation, plus all the lovely quarterly updates. Totally crazy and pointless, especially for the smallest clients. Good luck HMRC getting all this to work!
23rd Sep 2021
Good. I'm pleased with every year that it can be delayed, still wish it could be abandoned altogether though!
20th Sep 2021
The entire MTD for Income Tax project should now be abandoned.
13th Sep 2021
The more I think about this, and read about it, the more I feel that sadly the government is going to end up pleasing no one:
A lot of people aren't going to be happy with the 1.25% they will have to pay (whatever it is labelled).
Businesses will be clobbered by this and the corporation tax increase -together very anti-business for a Tory government.
Most of the initial money is going to be swallowed up the NHS, not funding social care.
Few people who receive care are likely to benefit. With board & meals etc. not counting towards the cap, an 'inmate' will be spending in the region of £150,000 before the care cap kicks in, so the family home will probably still need to be sold.
Complexity for accountants & payroll providers..?
3rd Sep 2021
The speed of the MTDfIT rollout -at a faster pace than MTD VAT- is crazy. I've got some clients with turnover of around £18,000, and it's ridiculous that they have to commence MTDfIT in April 2023, the same time as clients with turnover of closer to £100,000. Why can the implementation not be staggered more, to see how it works (I believe MTDfIT will be a car crash) -say turnover £85K in 2023, turnover £50K in 2024, and so on..? HMRC aren't even giving themselves any leeway in this respect. A phased implementation would surely help us all, even the lovely software developers, who may end up being overwhelmed with client queries in spring 2023!