Who would like to be my amazing accountant?

[Lexual]

I'm a VAT registered sole trader and managing the accounts side of things is not really something I want to do anymore, and I'm probably not much good at it anyway.

I'm looking for any recommendations of accountants or if there are any here that may want to take me on, Please reply or email me to discuss.

FYI I'm using Quickbooks at the moment.

Cheers.

[trickywoo]

Depending on what you are doing and the volume of paperwork you are generating a book keeper may be all you actually need and a lot cheaper than an accountant.

[Simpo Two]

+1.

[Eric Mc]

With Making Tax Digital coming down the road pretty fast - you had better drum up some enthusiasm for keeping daily records. You have 279 days to get your act together.

[Steve H]

Could you give a little detail on that Eric?

Daily records?

[Eric Mc]

Steve H said:

Could you give a little detail on that Eric?

Daily records?

From 6 April 2018, HMRC will expect sole traders and small partnerships and landlords to keep the book-keeping records almost on a daily basis. This is because there will be a requirement to submit summaries of the transactions to HMRC every quarter.

At the moment, HMRC are suggesting that they would prefer the taxpayer to make these submissions themselves rather than through an agent/accountant although the full details have still not been revealed.

To make these submissions, the taxpayer needs to acquire 3rd party commercial software. HMRC will not be providing the ability to enter data directly through the HMRC website (as can be done under Self Assessment).

Self Assessment ceases to exist on 5 April 2018.

The law bringing in these changes was included in the 2017 Budget. However, all of this was removed from the 2017 Finance Act which was implemented on a stripped down basis immediately before the election campaign began. It is fully expected that the Making Tax Digital; provisions will be included in an Emergency Budget which should be happening any day now.

It's all a bit chaotic and rushed, to be honest but it does mark a significant change in how the self employed account for their activities to HMRC.

There is a thread running on this topic in the News Forum.

[jammy-git]

Isn't suggesting business owners will have to keep daily records a little bit of scaremongering Eric? Much like VAT quarterly returns, there's no reason why records couldn't be updated fortnightly, monthly, or probably even every quarter?

[loafer123]

jammy-git said:

Isn't suggesting business owners will have to keep daily records a little bit of scaremongering Eric? Much like VAT quarterly returns, there's no reason why records couldn't be updated fortnightly, monthly, or probably even every quarter?

+1

[Steve H]

Interesting thanks. I'm fine with quarterly as I'm VAT registered, can't see me doing it daily .

I'll take a look for the other thread, ta.

[akirk]

Eric Mc said:

The law bringing in these changes was included in the 2017 Budget. However, all of this was removed from the 2017 Finance Act which was implemented on a stripped down basis immediately before the election campaign began. It is fully expected that the Making Tax Digital; provisions will be included in an Emergency Budget which should be happening any day now.

so if it was removed from the 2017 Finance Act - is it actually passed into law? A budget doesn't itself create the finance act, but announces it - so as I understand it with the 2017 Finance Act having been reduced the government needs to return to it and while the general concept of MTD seems to be supported, the timescale is as yet unknown...

[Eric Mc]

HMRC has gone very silent on the matter. The assumption has to be that the original timetable for implementation is still in place - until they categorically state otherwise.

I would love the scheme to be deferred - but I am not optimistic.

[akirk]

Eric Mc said:

HMRC has gone very silent on the matter. The assumption has to be that the original timetable for implementation is still in place - until they categorically state otherwise.

I would love the scheme to be deferred - but I am not optimistic.

Where is the underlying law that makes this a requirement if removed from the 2017 Finance Act - the wording on the HRMC website is very very carefully crafted to imply that it is coming without actually stating that it is! Does HMRC have the right to change to this without supporting legislation? If they do, why was legislation needed in the original drafting of the 2017 Finance Act? If they don't have that right then all we can assume for now is that it will not be happening unless legislation is enacted and with the change in balance in the house that is not definite - plus the longer until legislation is enacted, the less likely that it will be needed from 9 months hence...

I am yet to see anything which states that this will be law and will have to be in place from April next year - and lots of commentary in the accounting industry saying that it is not clear / that it is all confusing...

[Eric Mc]

There will be an Emergency Budget within a few weeks and then the next "official" budget will be in November 2017 (replacing the Spring 2018 Budget - the Spring Budget system has been abolished).

It is expected that most of the provisions (if not all) that were removed from the Spring 2017 Budget will be included either in the emergency Budget or the November Budget).