What a strange world we live in.
I see a lot of posts online from landlords and others worrying about the incoming need to submit quarterly updates to HMRC under Making Tax Digital.
Some of the responses remind me of those given to the clinically depressed – “Just be happy!”
What do I mean? Well I just say a post from someone that is clearly distressed at what they need to do. One of the responses? “Just set up the software and connect it to your tax account!”.
Simple of course if you know what you are doing. The same person giving that super useful advice probably reaches out to others when they need the ridge tiles on the roof looked at, boiler serviced or fuse board changed. No irony at all in their response though to “just get on with it”.
There is a reason why people use a tax advisor to help with their affairs though.
Even if we disregard the fact your return is more likely to be right if you get the help of a suitable qualified professional (not all advisors are equal!) there is still the fact that not everyone has the same skillset or interests.
Most of you reading this could knuckle down and crack out a 100% perfect tax return or MTD submission given enough time and energy but at some point you have to consider there time vs reward point.
Spending a few weeks updating on all recent tax changes (just in case they impact you) and then spending anywhere from a half hour to a weekend (depending on how much care you take with the submission) simply loses value eventually.
Most of you work and earn money through the use of your time. Even a weekend spent on a tax return is poor value for someone even if they just earn minimum wage.
So what is my message? Don’t worry if you don’t fancy doing this alone. You’re normal! Comfort yourself that those happy to do everything themselves to save a few quid are probably missing basics and are more like to get an enquiry from HMRC (the stats show this!).
Reach out if you’re not sure how you are going to do MTD and I will show you some empathy and set out a plan for you. One that might include me but not always.