Member Since: 27th Mar 2013
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.
2nd Sep 2016
Thank you to everyone posting here. I am serious when I write that this helps me keep my sanity. I am having sleepless nights not because of the fear of loss of income but what will happen to my 50 clients most of whom are personal friends or family. I spend about 100 days per year on my clients which allows me enough time to be a husband, grandfather, house improver, and various other pleasurable occupations. I do not use commercial software neither do I wish to whatever HMRC are insisting I do. I have yet to find commercial software as versatile as my bespoke spreadsheet which I wrote 20 years ago and have continued to develop so that it fits my clients perfectly with all their nuances. My fear is that it will not be practical for me to help them under MTD. I am hoping that whatever HMRC end up throwing at me I shall be able to submit my own figures, my wife's, my mother's and those of a few other close family members. I have no doubt there will be duplicaton of effort on my part as I shall keep my trusted spreadsheets which can cope with personal income and expenditure as well as business ones. It can cope with our joint bank account too quite easily.
So as I say I ask the question what will happen to my current clients? Will those with little or no knowledge of accounting and online entry really be allowed to opt out? How will this happen? Will they have to apply on line even if they have no computer/smart phone etc. (joke). What will they do instead? Will an alternative phone-in system really work?
Above all who will help them and train them? I am one man with nowhere near the resources to help them all. There are precious few good book keepers here in Cornwall now so goodness knows what the pressure will be like with MTD being introduced. I cannot see HMRC helping them although no doubt they will have enough staff to issue penalty notices.
I not wish to appear negative but I SO WISH some London based decision-makers really took a look at the Cornwall business sector and really understood the facts of rural and seasonal based economy. There is very little direct employment which is why we have so many small businesses, mainly sole traders. They scrape by and my charges are very modest like many other sole trading accountants. Our margins are small for very good reason. Far from assisting local business this may well sound the death nell for small but very important community based businesses here in rural Cornwall.
I wish our MPs would be brave enough to stand up to their Chief Whips. They listen well but do nothing.
20th Aug 2016
This will be my last post here. It appears that most comments here coincide with mine, that we can do nothing to change what HMRC want to do. I have even told our local MP that there will be a backlash against his Tory party from local voters because of this. He seems unable to do or say anything. I am thoroughly depressed because I am currently helping 50 l0cal small businesses who's turnover (but not profit) is over £10,000 but I will not be able to continue to help and advise from 2018 onwards. Currently their small profits help our local economy and gives me a very modest income. None of them use commercial software. Excel is quite sufficient for us all. I currently have 10 months to complete the 50 tax returns. That's 5 per month which allows me to run my other business. The new regime will make this impossible. I will stop my accountancy business after completing their 2017-18 tax returns leaving 50 businesses to try to comply with HMRC new easier system - I know I will get loads of emails and telephone calls from them. Sadly I will be spending all my time trying to sort out the returns for my other business, my wife's business, my son's in law business, my mother's tax return etc......
Everything had been going so well with the potential for more clients but with HMRC's new system looming I have had to start turing away new clients. Goodness knows where they go in Cornwall to find an accountant or any basic advice. There are not enough book-keepers in Cornwall now so what it will be like next year and beyond heaven help any small business here. The £10,000 threshold is laughable - it's below the personal threshold for goodness sake. I can't rant any more. HMRC has won - well done guys. Just when we need all the help to improve the economy you guys come along to screw the very people you purport to want to help. Nice own goal guys.
20th Aug 2016
I am only posting here to stop getting email updates
18th Aug 2016
I have been told by Thomson Reuters (who are one of the companies advising HMRC) that the threshold of £10,000 won't change. But if they can agree a higher temporay threshold for one year then that means there will only be a one year delay for small firms. I would have liked to see the profit figure taken not turnover. Two companies might have the same turnover but entirely different expenditure therefore different profits. Purchases for software etc. will affect profits more significantly than turnover (% stating the obvious I know). It is also odd that the tax threshold is linked to profit NOT turnover and yet HMRC are insisting that turnover will be the determining factor. Am I the only one who can see a whole load tax returns being submitted which will generate no income for HMRC but will cost the punters more just to tell HMRC they have no tax to pay. Is this perverse or I am yet another person missing something here?
13th Aug 2016
You are absolutely right. Just go down any major high street or go on the underground. People no longer converse. They collide with others and even posts and other stationary obsticles. I still ask the question what happens to those who have no idea how to work modern technology? There has been no definitive advertising to inform millions who are still blissfully unaware as to what will soon be required. I have not had discussions with my clients because I don't know how to advise them, because I have been given no useful information by HMRC and yet this all kicks off in 20 months!!!!!