I feel more relaxed about it all now. HMRC have given me an extra year to disengage sole trader and rental clients. I won’t be taking any new ones on from now on. The mortgage is paid and from now on only vat registered companies.
If this isn’t going to be simple for accountants what is going to happen to the millions of unrepresented taxpayers?
Another case of HMRC crying wolf and leaving to swing those who have, at their own expense, prepared for change. A past example was the announcement that they would toughen up on CIS in 1997, then no enforcement resources put in. A client of mine made his subbies into employees then watched his competitors undercut him and he went bust.
Let us hope that the software companies who have been spurred to improve their products will hold out and stay in the market. Those TV ads don't come for nothing you know.
I see that the [***]-fest had already started up again on this thread before I got to see it.......
Your clients will have the benefit of reducing the tax gap early.
To be fair I have given them a year and 8 months, so probably not abandoning them. I am certainly not going to risk my health, sanity and the rest of my business trying to sort HMRC’s mess.
Sole practitioner steps for MTD for ITSA
Step 1. Pay off my mortgage. ✅
Step 2. Disengage 80% of my sole traders and partnerships. ✅
Step 3. Relax and watch the carnage. ⏳
I'm seriously considering ditching all my sole trade clients. My workload is at maximum and there is no way I will have time to deal with the initial setup, hand-holding, reviewing, submitting, troubleshooting etc.
Exactly this. I will disengaging most of my sole trader clients next February to give them time to find another accountant and have perhaps a year of using software before the start of MTD. How can that be good?
In other news London accountant says digital is good.
My answers
I feel more relaxed about it all now. HMRC have given me an extra year to disengage sole trader and rental clients. I won’t be taking any new ones on from now on. The mortgage is paid and from now on only vat registered companies.
If this isn’t going to be simple for accountants what is going to happen to the millions of unrepresented taxpayers?
I was trying to be humorous.
Your clients will have the benefit of reducing the tax gap early.
…. And of course, as it transpires, to introduce quarterly SA tax collecting.
To be fair I have given them a year and 8 months, so probably not abandoning them. I am certainly not going to risk my health, sanity and the rest of my business trying to sort HMRC’s mess.
Sole practitioner steps for MTD for ITSA
Step 1. Pay off my mortgage. ✅
Step 2. Disengage 80% of my sole traders and partnerships. ✅
Step 3. Relax and watch the carnage. ⏳
Definitely not. I was always taught to respect my elvers.
No, but there is a charge on electric eels.
Exactly this. I will disengaging most of my sole trader clients next February to give them time to find another accountant and have perhaps a year of using software before the start of MTD. How can that be good?
In other news London accountant says digital is good.
I think it was that weasel George Osborne.