Member Since: 27th Mar 2013
3rd Aug 2021
Yes I agree. It needs to be done monthly but I dont want to do monthly management accounts for 100 clients.
Jeez - you don't need to go that far !
But I think the bookkeeping needs to be done monthly. Whether that's by the taxpayer or the accountant. If the accountant's going to do it, he needs to agree a framework of deadlines to which the taxpayer will comply.
It's fine while there are no penalties but let's not kid ourselves that penalties aren't in the pipeline further ahead.
I wonder if it will only take one publicised court case to challenge the penalty system. All I see is that we are being set up to fail (we being any self employed person / business) so that penalties will be sent out to thousands if not millions of small businesses. It may not come to that if all the local Tory MPs get loads of adverse correspondence on how HMRC are handling this. By the way when is the next general election? I wonder if the Tories will push back MTD fIT until after the election? One can hope I suppose.
8th Jul 2021
I have also been looking at Excel as the preferred solution since most clients that have a computer are using a simple bespoke version of mine. All I need now is to try to find out how to get bridging software which can submit the summary figures to HMRC. More concerning is how HMRC will pull all income of any tax individual. I understand that they can insert SOME people's state pension but it is not consistent. Some I have to insert manually. What about other pensions that people might have - how does that get submitted to HMRC. Also what about joint property income? At present I split this and put 50% on each person. What about ad-hoc income? Will this now be ignored. I could go on but as we know there are many supplementary pages to a tax return. how will MTD deal with all of this. Answers in less than 10,000 words please.
5th Jul 2021
I have just read the VAT MTD rules for exemption and one of the latter paragraphs talks about being currently supported by a third party who then ceases to support them i.e. an accountant like me. I was wondering if each client claims exemption in not being able to use accounting software then perhaps they could submit their own tax return with my help if and when needed on the current system? Can anyone see flaws in this stance?
23rd Feb 2021
Andrew how can we contact you?
23rd Feb 2021
Yes in the same boat with about 60 micro businesses who happily keep spreadsheets and good manual records. Not sure what any of them would do. I had thought about getting them to contact their local MP but all 6 are tories in Cornwall so a fat lot of good that would do. I suspect many will just give up or simply trade under the radar. The Gov't will probably have more problems trying to feed the country than to worry about us. Huge food price inflation is on its way. It is all a rather sad end to a story where I was helping small businesses (like this Gov't keep trying to tell us they are doing) and at the same time earning a little extra on top of my pension. At least my wife will be pleased as she reckons I spend too much time for little reward. What with Brexit, Covid and now MTDfIT I wonder how any small trader can keep going. They certainly won't find an accountant as amenable as me or as cheap.
24th Aug 2018
So are we saying let's hope the software works when we make our first submission in July 2019? - fingers crossed eh? Just as well I don't plan my business in the same way. These are the same folk "planning" for Brexit - Lord help us !!!!!
25th Oct 2017
Usual response? - teflon shoulders. "Not my remit"- when I was in the public sector EVERY call from the public WAS MY business and I had the clout to find out who wasn't doing their job. Perhaps a reason why I am no longer in the public sector. Why don't people WANT to be helpful. Is this how far we have now got as a nation?
31st Aug 2017
We went manual once we knew Charities weren't high on Digita's priority list. So a reasonably simple spreadsheet importing client TB which produces all the reports necessary and notes to accounts. All then pasted into pre written standard word report. A bit fiddly the first year but a doddle next year. AND no rounding issues
7th Jul 2017
The sick joke is that as I write the tests and trials are continuing. I suspect many parts of MTD are still not written and yet next April-June all VAT registered businesses will have to submit their first quarter return. This means that from 1 April next they will need to have their digital software in place, working and understood by those who have to input data and produce meaningful results for HMRC. This of course relies on HMRC's tax software being able to cope with ALL the tax changes to date. I am reliably informed that at least 33 current personal tax scenarious require paper submissions to HMRC because their own software can't cope with the changes they advised their political masters to make. You would think that someone had heard of quality control and risk analysis in HMRC? Afterall they have a surfeit of Oxbridge candidates. Ooops I forgot one needs common sense too AND an understanding of how tax payers run their businesses and try to earn enough to put bread on the table. But why would one want to understand when they have a high 5 figure salary paid for by those very same tax payers AND a very nice pension thank you very much. So we are left with HMRC still not ready to tell us what to do and what software is compatable or how much any of this is going to cost. So as others have said we can only wait to see what happens next. Even Sir Humphrey wouldn't have been this bad ...... surely?
2nd Sep 2016
So it seems a number of people agree with me here that workloads will increase. If we assume this is the case across the country where exactly do all these new book-keepers and accountants come from - Europe? oops I think Brexit will put a stop to that? Mmmmh think again Batman.