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Making Tax Digital

  • Member PM.Dip
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  • # 114636

Hi All

Just wondered what the general feeling is among our bookkeeping family on this subject.

Have been doing a lot of reading and sat in on a webinar the other day.

Seems simple enough although the implementation is going to be the hard part.

What are your thoughts?

  • Member PM.Dip
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  • # 114643

Are you serious David? '

Quote 'Seems simple enough although the implementation is going to be the hard part' Unquote - Really?

My thoughts on this subject would take too long to put here so all I will say is that HMRC should get their current house in order before forcing this upon the small business owners.

It is going to have a negative effect and will not bring in the extra tax that HMRC envisage is currently not being paid by its taxpayers - oh sorry we are customers not taxpayers!

Also it would appear that HMRC are trying to by-pass the agents/accountants and have the business owner do their own accounts/tax without any training. Does this mean I will have to do my own plumbing or cut my own hair or repair my own car in the future without any training?

I will stop here before my rant gets overheated!

  • Member PM.Dip
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  • # 114647

I was being flippant.

 

Just wanted to see other's thoughts

  • Member PM.Dip
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  • # 114648

David said:

I was being flippant.

 

Just wanted to see other's thoughts


 Oh right ok!

Thought it was only me that was flippant - glad there is someone like me then!

  • Member PM.Dip
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  • # 114664

After 107 views I am surprised that nobody has any views or queries regarding this topic.

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  • # 114668

MM Bookkeeping said:

After 107 views I am surprised that nobody has any views or queries regarding this topic.

 Maybe nobody has an opinion

  • Member PM.Dip
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  • 157 posts
  • # 114679

I am actually of the opinion, it wll be no more difficult to manage/do than other electrionic filings, in the similar vein to Online VAT Filing/ RTI/ Auto Enrolement, Online Self Assessment. Accountants have a tendency to throw their toys out of the pram the minute some new technology/process is put in place, then along comes great accounting software companies that make the process seemless as long as you use the latest software.

People (especially accountants) don't like change, the are happy to use thier antiquated software/processes. Perhaps they are always singled out to be replaced by automation.

I personally believe, we as bookkeepers should see all this as an opportunity, to do more and be more tech savy (and charge more) for our clients.

That's my 2 cents worth.

  • Member PM.Dip
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  • # 114680

accountsforme said:

I am actually of the opinion, it wll be no more difficult to manage/do than other electrionic filings, in the similar vein to Online VAT Filing/ RTI/ Auto Enrolement, Online Self Assessment. Accountants have a tendency to throw their toys out of the pram the minute some new technology/process is put in place, then along comes great accounting software companies that make the process seemless as long as you use the latest software.

People (especially accountants) don't like change, the are happy to use thier antiquated software/processes. Perhaps that is why they are always singled out to be replaced by automation.

I personally believe, we as bookkeepers should see all this as an opportunity, to do more and be more tech savy (and charge more) for our clients.

That's my 2 cents worth.


 

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  • # 114681

edited

  • Member PM.Dip
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  • # 114684

Hi David

Like Vip I see it as a great opportunity for bookkeepers who are not held back by the old business practices of many accountants.

I would say you have to have the scale of numbers to make it worthwhile though.

  • 491 posts
  • # 114696

Must admit - I too find it more interesting than annoying. I think its good that our country is trying to bring itself in line with some of the other countries in the world that already have this system in place.

I think its an opportunity for us as bookkeepers to end up being even more helpful to the one man band type small business that is going to struggle with this. 

I do wonder how some of the old school accountants are going to cope with it - if they don't move with the times, they're going to lose out. I also feel that the bookkeeper and accountant roles are going to become much more integrated - but that this could be more beneficial all round for those that embrace it.

I think HMRC are also trying hard to get it right and make things easier for us. They might not always get it right.....but they're trying. I also don't agree that they're trying to by pass agents - If anything, I feel they're perhaps trying to put more responsibility onto us really.

As far as encouraging people to do their own accounts without needing a professional such as us - people have always been able to do this, but I believe there is still always enough people out there running businesses that are not of a mind to work out how to do it themselves, so they'll always be plenty that turn to us for help.......if we're friendly and knowledgible enough, we'll never be short of work.

Thats my thoughts...........

  • Member PM.Dip
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  • # 114729

Thank you to those that did give their opinion.

It's seems the usual varied approach to the subject.

I too see it as an opportunity to help the smaller business that may struggle with this but also see that it may not be profitable if you do not have the numbers.

I have not fully formed my own opinion yet, I am still weighing up the pro's and con's.

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