* Posts by SJM

1 publicly visible post • joined 26 Nov 2018

Peers to HMRC: Digital tax reforms 3 days after Brexit? Hold your horses, how 'bout 3 years...

SJM

Filling in the boxes is not the hard bit.

From the business side of things, working out all of the ins and outs is where the effort is and many business use a lot of spreadsheets with data in all sorts of places.

The biggest challenge is working out exactly which transactions were included in the total of your last return. For example, if a purchase invoice comes in late, you need to know if you claimed it on the last return or not.

If you hire an accountant, they may manage this all for you yet without good systems, it can still be a manual process, therefore more expensive.

From the government side of things, they are looking to remove the paper forms which cost them a great deal to process and can create more errors.