Member Since: 2nd Oct 2009
2nd Aug 2021
As I'm having a bit of fun here, I know this site and its owner Sift exist to push the agenda of and attempt to popularise fintech amongst the profession. At least that's what the Sift homepage, 'what we do', 'how we do it' and 'brands we work with' suggest. They pay Sift, we don't.
I thank you for a platform to express to fintech pushing MTD they are greedy, devious, dishonest and selfserving and HMRC they are cretinous, misguided, delusioned and out of touch with reality.
Clearly as commented in so many previous threads, most recently in 'Accountancy bodies and push back against software' the governing bodies care not one jot about small practice accountants. I think we meet the criteria of BCG Matrix cash cows to them. Mature, consistent cash generators that can be ignored and need neglibible investment to keep producing returns. Far more enjoyable sucking up to the big four and the largest firms of the second tier with the money generated from the unimportant 90% of members and their subs. So no use expecting the governing bodies to fight our corner or do anything useful to combat MTD or the takeover bid of the profession and ousting out of the small practice accountant by fintech and its owners.
I relish the day millions of taxpayers unaware and as yet unaffected by the full implications of the MTD/ HMRC data gathering project refuse to participate with this nonsense or rebel once they realise the extent of the extra burden on them and the ridulous TV adverts proclaiming cloud software packages they will be forced to use as infallable, all signing, all dancing and fun- can you believe that bookkeeping, accountancy and tax fun!!! do not live up to expectation in reality. I only feel sorry for accountants still around expected to pick up the pieces and sort out the mess. I hope they are well paid for the stress. I really hope small practice accountants refuse to act as unpaid facilitors in the run up to all this becoming live. It's a career, we have a job to do and we make a living out of it, but we've been used to uncomplainingly taking on far too much out of generosity of spirit and have been roundly abused by HMRC and fintech because of our sense of ethics and duty.
2nd Aug 2021
Ha, Ha, Ha, Ha!
Laughed like a drain when I read these absolutely spot on comments from real world practitioners compared to the fairy tales, pie in the sky and pure lies as justification for the 'benefits' of MTD from fintech, HMRC and those in thrall to fintech and this ridiculous and pointless project.
Thank my lucky stars I'm out of this now.
Spoke to a friend I see occasionally a week ago. Not an ex client so don't normally bore eachother with anything tax or accountancy related.
He's a mechanic. Practical, with a small thriving business, but dislikes computers and social media and doesn't need to engage with technology any more than the bare minimum neccessary.
Asked him what he knew about MTD.
Cue blank look and when I filled in a few gaps, then came the stream of expletives and a suggestion where the government could stick its plans if it thought he was going to change the way he did things especially if was going to cost him more money and time.
I think the profession as a whole ought to disengage from this process, stop being free and enforced MTD facilitators for HMRC and fintech and watch this idiocy implode when 5-6 million small business people and voters, many of whom still don't have a clue what MTD is about, or have even heard of it refuse to participate.
10th Jun 2021
Interesting article. Absolutely correct, but sadly as one commentator said, no one in Government or HMRC is listening. No one in HMRC /Gov has a clue about the real world or wants to listen or learn about life in the real world.
Being a small business accountant I guessed why HMRC/Gov was so enamoured of this MTD project and fintech's rapaciousness at a gold rush when MTD was announced several years ago. I foresaw a distant train trash and decided to get off before it happened.
This will be a disaster because most clients were honest and dilligent businesspeople, good at what they did, but virtually all had negligible interest in bookkeeping and accounting over knowing how much was in the bank, who owed them money and who they owed money to. Most had a pretty good idea of this having done it successfully for years with a variety of spreadsheets, paper ledgers and stand alone bookkeeping packages.
Absolutely none had any interest in cloud accounting, scanning receipts on mobile phones and very few provided final information good enough to prepare accounts and tax liabilities without review and adjustment by me- a qualified accountant. Absolutely none wanted to pay more for enforced bookkeeping software subscriptions that provided no more useful information about the day to day running of their busineses than the allegedly (according to HMRC and fintech anyway) useless and outdated paper, spreadsheets and stand alone bookkeeping software told them already.
They paid the correct tax on time, it was none of HMRC's or anyone elses business how they kept records. Quite a few actively hated enforced online activity and had problems with anything other than the most basic computer technology.
These businesspeople have not miraculously disappeared or been converted to the 'joys' of the cloud over the last five or so years. I bet if you ask most small businesspeople, even now despite the ridiculous TV adverts proclaiming cloud accounting to be simple, beneficial and laughably even 'fun' what they know about MTD and what is about to hit them the answer will be incomprehension or distain at a huge waste of their time and money.
I feel sorry for the pain those still in the profession are going to experience over the next few years. Particularly as they will on their own, buffeted from all sides by hostile forces. (I wouldn't expect the governing bodies to do anything useful for the large fees they charge members annually)
But I am quite looking forward to the backlash and chaos once the full implications, inconvenience and cost of MTD fully hits the UK's five or six million small businesses in earnest.
The only regret is the morons in HMRC/Gov will by then all have got their gongs, compensation packages or been instrustmental in creating the next fiasco, the fintech vampires will have made £billions for their owners, the chinless wonder HMRC/Gov consultants and advisors will be relaxing in their Cotswold second homes bought with the consultancy contract proceeds while us 'ordinary people' carry the can for the next f up.
7th Jun 2019
I'm out because of they way HMRC now operate, the malign, greedy influence of the software companies cirlcling MTD and the accounting industry like vultures around a corpse and because as a rule the governing bodies are just interested in crowing about who's the best, biggest and fleecing members hundreds a year for a few pointless magazines and earache.
If accountants were regulated, had cohesive, powerful governing bodies like the medical and legal profession there wouldn't be such a mess.
Just sitting back now and waiting for it to collapse.
3rd Oct 2018
Can't say about the accountancy profession. Clearly most business owners and HMRC aren't.
Software companies are just wetting themselves like over excited puppies at the thought of an enforced software purchasing bonanza from hapless business owners who otherwise wouldn't consider wasting money on the products.
My wife laughs at the adverts for sanitary products that seem to suggest periods are anything other than the reality the whole of the real world female population experiences.
I laugh at the tv adverts (you know the ones) that suggest bookkeeping is fun, simple and so easy if only you have their app and cloud software on your phone. Who doesn't want loads of time to mess around playing at running a business making a few knick-naks in a garage or spending time making healthy meals for the children? Are all these people trustafarians with other income? Don't seem like the stressed, overworked business owners struggling to keep things on track more realistic of the UK's army of small business owners.
I'm taking MTD seriously. I've had enough.
Used to enjoy accountancy, but what with nonsense like MTD, AE and everything else I just can't be bothered anymore. Don't need the money- life's too short to waste it dealing with this.
Virtually all small business owners think AE is an unnecessary burden and waste of money.
It will benefit employees though - Like hell it will. It's only so Government can reduce state pensions over the coming decades using small business to do the dirty work. Anyone with experience of how pension companies work knows they will rip you off anyway and the £10 per month from the annuity these poor sods may get from the pitifully insufficient minimum contribution pots in 30 years might just be enough to buy some drugs to soften the blow of that all that pension money 'taxed' at source over their working lives.
AE -an enforced, heavy handed, pointless **** up, nobody except Government and the pension industry considers a good idea.
MTD in all its various guises = AE x 100. Only HMRC and software companies think is a good idea.
It's going to be chaos when MTD kicks in properly and accountants will be the ones expected to sort it out. Don't kid yourselves there is going to be loads of extra fees and new income streams. That's software company bull****.- glad I'm getting out of it.
10th Jul 2015
The general consensus seems to be most UK practising qualifieds are caught between a rock and a hard place.
For exorbitant annual fees the main bodies offer negligible benefit to UK practising members, being largely or only interested in pathetic squabbling over which brand is best and biggest and focusing on gaining overseas membership. We are the tail. We definitely don't wag the dog.
As stated before above, the benefits of belonging to a recognised body are diminishing each year.
Reasons to stay are slim, but still just about tipped in favour. Unfortunately I can't see the situation improving. The bodies can't or won't speak for, or protect the qualified section of the profession as a whole. They are self interested in maximising membership income which would be extremely limited from just UK members. Hence do they really care that much about us?
One reason to stay is a client told me they want to leave my firm because we are too straight. He wants a dodgy accountant so is going to an unqualified. Can't pretend I'm sorry he's going. Let's leave aside here the argument over who should be allowed to describe themselves as accountants.
Competition is fierce. There's still just enough benefit in being recognised as qualified by those of the general public that understand the difference between qualified and unqualified to remain with a body. I'll be sorry to lapse my letters if they ever go as they took so much to gain. I may keep them until I stop practising, but if there comes a time membership cost outweighs benefit I'll consider giving them up.
Recognised bodies take heed. Stop taking UK qualifieds for granted. At present the letters are just about worth the fees. Once those letters lose enough value your membership will be just another unnecessary cost to ditch.