As we are tugged ever closer to the Brexit deadline, 29 March 2019, its difficult to consider that there are other issues that we need to occupy ourselves, particularly if we are actively supporting business clients through these difficult times.
Take Making Tax Digital for VAT as a prime example.
- Are affected clients on track to have their record keeping kept in an MTD approved format from 1 April 2019?
- Are spreadsheet users being directed to the acquisition of bridging software that will enable their Excel data to be seamlessly wired to HMRC?
And MTD for Income Tax is still on the cards, albeit at a later date. April 2020 has been mooted as the earliest commencement date.
And should advisors be discussing MTD with their buy-to-let and other property investment clients? They too will be required to “lift” their often-times, non-electronic record keeping into approved MTD software applications.
Also, Chancellor Hammond will be rising to present yet another Budget to parliament before Christmas. Dare we speculate on how the profession, or clients will deal with any further changes to the UK tax code.
And in the background, that other annual chore, likely to be somewhat side-lined this year, is the impending 2017-18 self-assessment filing deadline.
It is doubtful we will see business progress as usual, there are too many fundamental changes in the pipeline. We can only hope that our politicians, who after all are steering this ship, know what they are doing.