[Granny]

Who's ready not just the Vat boys but the rest of us smaller sole traders?
I can't believe what they are proposing ,it's mental.
The £10000 threshold is TURNOVER not profit.
The current personal allowance is £12500 so thousands if not millions will have to go through the hassle even if they have no tax liability and the expense of the software plus the learning of the software.
Makes me  want to jack it all in.

[NWH]

It’s a lot easier to work a bit harder and pay for someone to do it for you imo anything to do with comebacks on Tax etc I’d rather have it all done by a professional,if you ever get a pull you’ve got someone in you’re corner with you fighting.

[Splash & dash]

It’s a lot easier to work a bit harder and pay for someone to do it for you imo anything to do with comebacks on Tax etc I’d rather have it all done by a professional,if you ever get a pull you’ve got someone in you’re corner with you fighting.

An accountant won’t help out with a tax investigation unless he’s paid , you can take out insurance to cover it should the worst happen

[Smudger]

As above - if there is an error - your on your own the accountant won't help

join FSB or get an insurance policy to cover tax inspections

Darran

[Shrek]

Although I’m a member of the Fsb for about £150? A year (I think) , my accountant does offer insurance for investigations.
I’m just gonna leave it to my accountant to deal with (MTD).

[Lee GLS]

Hasn’t MTD got pushed back to 2024?

[AuRavelling79]

Hasn’t MTD got pushed back to 2024?

Thanks Lee.

If you are self employed and not Vat registered that seems right.

[Spruce]

Hasn’t MTD got pushed back to 2024?

I wonder why?

[dd]

2024 is not far away. I plan to start using compatible software when the next tax year starts in April, so I get used to it and will be able to submit accounts as required the following tax year.

[Stoots]

It's a bit daft really, I am Ltd and when my accountant does my return he shows it me to sign. Lots of it I don't understand enough to say if it's correct so I'm relying on him to get it right although it's my head on the block if it isn't  Doesn't seem very fair .

I pay for tax investigation insurance can't remember how much it is.

[KS Cleaning]

It's a bit daft really, I am Ltd and when my accountant does my return he shows it me to sign. Lots of it I don't understand enough to say if it's correct so I'm relying on him to get it right although it's my head on the block if it isn't  Doesn't seem very fair .

I pay for tax investigation insurance can't remember how much it is.

The accountant is only acting on the information you give him, it is this information that can be investigated if something isn’t right, not what the accountant might or might not do.  Being a one man band I wouldn’t pay for tax insurance investigation. I mean how much can a one man band be expected to turnover in a financial year? If you are declaring 40k plus turnover what is there for a tax inspector to investigate?

[Stoots]

It's a bit daft really, I am Ltd and when my accountant does my return he shows it me to sign. Lots of it I don't understand enough to say if it's correct so I'm relying on him to get it right although it's my head on the block if it isn't  Doesn't seem very fair .

I pay for tax investigation insurance can't remember how much it is.

The accountant is only acting on the information you give him, it is this information that can be investigated if something isn’t right, not what the accountant might or might not do.  Being a one man band I wouldn’t pay for tax insurance investigation. I mean how much can a one man band be expected to turnover in a financial year? If you are declaring 40k plus turnover what is there for a tax inspector to investigate?

I know but what I mean is if I give him all the correct information but he does some calculation wrong and therefore files incorrect accounts.

For example in my recent set of accounts there was an error which i spotted and he rectified. But what if there was something I didn't spot ? At the end of the day I've signed it off.....

I think I pay £10 a month for insurance, peace of mind is worth it.

I'm not sure what turnover has to do with it ?

[dd]

I got investigated 20 years or so ago. I am just a sole operator not earning mega bucks.

I had not done anything wrong nor could HMRC prove I had, not a pleasant experience though.

I had stopped using an accountant prior to this and just represented myself.

[KS Cleaning]

It's a bit daft really, I am Ltd and when my accountant does my return he shows it me to sign. Lots of it I don't understand enough to say if it's correct so I'm relying on him to get it right although it's my head on the block if it isn't  Doesn't seem very fair .

I pay for tax investigation insurance can't remember how much it is.

The accountant is only acting on the information you give him, it is this information that can be investigated if something isn’t right, not what the accountant might or might not do.  Being a one man band I wouldn’t pay for tax insurance investigation. I mean how much can a one man band be expected to turnover in a financial year? If you are declaring 40k plus turnover what is there for a tax inspector to investigate?

I know but what I mean is if I give him all the correct information but he does some calculation wrong and therefore files incorrect accounts.

For example in my recent set of accounts there was an error which i spotted and he rectified. But what if there was something I didn't spot ? At the end of the day I've signed it off.....

I think I pay £10 a month for insurance, peace of mind is worth it.

I'm not sure what turnover has to do with it ?

As a one man band with supporting evidence that you are a one man band, turnover has a lot to do with whether you will be investigated or not.

[KS Cleaning]

I got investigated 20 years or so ago. I am just a sole operator not earning mega bucks.

I had not done anything wrong nor could HMRC prove I had, not a pleasant experience though.

I had stopped using an accountant prior to this and just represented myself.

Did they tell you why you were being investigated? There must have been some kind of anomaly  that led to you being investigated?

[NWH]

Algorithms they haven’t got the staff.

[S.A.J]

We went MTD 3 or 4 years ago and was very daunting at the time! But once you get use to which ever software you choose it is really easy to do/use (so I’m told wife does it  )

At the time there was not much choice around for us so chose QuickBooks.

I’d say look at all the software options and choose the best for you (I think some of the window cleaning software does MTD) and get it setup well before the deadline.

It has made doing the books so much easier and we don’t even need to take stuff to the accountant! We send them an accountant link and they can log in and see our books and do their thing.

[Stoots]

It's a bit daft really, I am Ltd and when my accountant does my return he shows it me to sign. Lots of it I don't understand enough to say if it's correct so I'm relying on him to get it right although it's my head on the block if it isn't  Doesn't seem very fair .

I pay for tax investigation insurance can't remember how much it is.

The accountant is only acting on the information you give him, it is this information that can be investigated if something isn’t right, not what the accountant might or might not do.  Being a one man band I wouldn’t pay for tax insurance investigation. I mean how much can a one man band be expected to turnover in a financial year? If you are declaring 40k plus turnover what is there for a tax inspector to investigate?

I know but what I mean is if I give him all the correct information but he does some calculation wrong and therefore files incorrect accounts.

For example in my recent set of accounts there was an error which i spotted and he rectified. But what if there was something I didn't spot ? At the end of the day I've signed it off.....

I think I pay £10 a month for insurance, peace of mind is worth it.

I'm not sure what turnover has to do with it ?

As a one man band with supporting evidence that you are a one man band, turnover has a lot to do with whether you will be investigated or not.

At least some portion of HMRC investigations are random....

But that's not what I meant.

I mean if you are investigated what does it matter what turnover you have you still have to pay accountant fees and insurance will cover that.

[Smudger]

You don’t need anyone with you if your investigated - however if you can’t answer/justify their queries you will just have to take it on the chin and pay out what they say you owe

Darran

[NWH]

Yeah and there’s a huge amount of terrible Accountants about also I was using a company that was charging me a ridiculous amount just to basically fill in a self assessment form,when I went to a decent one I was informed that they hadn’t included wages and business assets that I should have had relief  on.
Within 3 months of being with a decent accountant he got me 6k put back in my bank,so it’s worth finding a good one.