Following on from our recent New Year’s Philosophers’ Blog, I recently received a ‘Practicewire’ from the ICAEW [The Institute for Chartered Accountants]. They are the leading professional organisation concerned with helping businesses with preparing their financial accounts, plus advising on business practice, strategy and tax. I am proud to be a member.
Their email is lengthy with many links.
It starts with results of a survey of 500 businesses. Close to half said they had never heard of MTD (Making Tax Digital). Current proposals say it will be compulsory on a day to day basis very, very soon.
The huge number of fans of Harry Potter will shrug their shoulders and anticipate that Harry will just wave his magic wand and all business owners and managers will simply be transformed into having all systems in place and fully functioning in the calm waters and easy decision making which represents our current relations with our neighbours; Celtic, European and International. Obviously 70+ days is acres in time.
As a sincere devotee of the Rule of Law, I believe the Chancellor of the Exchequer should simply say, “We encourage every relevant business to sign up for MTD, but it will not be compulsory for the present; nor will there be penalties for inadvertent mistakes until we have ironed out the (inevitable) glitches”.
As a Mere Accountant may put it: SIMPLES
Government may never be loved, but at least they can be kind.