By Lucy McCarthy, Dental Marketer at Hive Business

With the release of the Making Tax Digital initiative from HMRC today, I was worried that this might be the end of the accountants. The accountants, on the other hand, weren’t so worried.

I’m not an accountant. However, I do work with them and I’ll admit they are a funny breed. They get excited by “budgets”, love number problems and balance sheets!? It takes a lot to get them riled up and so I was quite surprised when I saw that HMRC launched their idea for Making Tax Digital, which I imagine to be like when the supermarkets introduced the self-service checkouts, that they weren’t cursing and burning their calculators. In fact, they just went about their daily business and appeared unfazed.

On first glance this new HMRC account sounds ideal:

• No January 31st deadline
• All your taxes under one roof
• Online HMRC support… (Hooray! We detest their hold music!)

But I asked our Director, Ross Martin, what he thinks about this new system and the implications it may have on small businesses and our dental clients. Here’s what he said:

“Making it an obligation for self-employed people to submit their taxes four times a year, instead of once, is certainly one way to quadruple your admin burden.

Will businesses involve their accountant that regularly as well? If so, the cost burden will increase, but if not that leaves the taxpayer alone and at the mercy of HMRC. Perhaps that is the intention?”

Now I see why the accountants aren’t worried about this new online system. It certainly isn’t going to replace them, in fact, the increase in business administration and deadlines means people will need more guidance with their tax affairs. Much like with the self-service checkout, when the “unidentified item in bagging area” voice bellows out from it, you’re always ever so grateful for the human who is there to rescue you!

Call us on01872 300232 or email us at hello@hivebusiness.co.uk.