What is making Tax Digital? By now, most business owners will have heard of “Making Tax Digital”. This is a government scheme that is to revolutionise the way we report our taxes. Many will remember the first draft was an attempt to require sole traders, partnerships including land and property owners to report their profit figures on a quarterly basis. The last budget 2017/2018 announcement gave everyone a reprieve including the HMRC by postponing MTD until 2019.
This is one of my most favoured times of the year even though it's cold, the nights are long and the mornings are dark. But isn't it true that we rest and recuperate in the darkness? So as the year draws to a close, perhaps we can stop, retreat and rest in this busy world of ours. Perhaps we take stock of this past year, reviewing some of the major events in our lives, with mixed emotions. It is also a wonderful time of the year to celebrate our achievements as well as a time to reflect on what we might do differently.
It’s that time of year again. On Monday afternoon Mr Hammond made his 72-minute speech and as always, there’s good news and bad news for both business owners and individuals. Firstly, we must be doing something right because statistics show that there are 3.3 million more people employed in the UK than there were in 2010, which is great news. We are creating jobs! Another 800,000 are forecast by the year 2020, we are moving in the right direction!
We know businesses earning half of what they were this time last year - and they are doing something positive about reversing this trend. These businesses believe that living in challenging times is no excuse for not having a strategy for growth.