Certified bookkeeper, Lisa Phipps, is using her experience and knowledge to provide independent resources to help guide small businesses to understand Making Tax Digital
With over 20 years bookkeeping experience, Lisa runs a small bookkeeping practice in Oxfordshire and is a fellow member of the ICB (Institute of Certified Bookkeepers).
Lisa said “Making Tax Digital is a government initiative with a road map that will eventually require most businesses and sole traders to keep their accounts digitally and submit their returns directly from those digital records. Most VAT registered businesses already have to comply with this, but HMRC are working on plans that would see all sole traders having to comply with MTD rules from April 2024, the legislation has yet to be finalised so a lot of those affected have not yet been notified”
In 2003, Lisa started her own business offering bookkeeping, payroll & general consultancy services. Over this time, there have been many changes to how the self-employed keep their accounting records, particularly with the advancement of technology and apps to help them with common tasks. Making Tax Digital however will bring big changes to many sole traders and landlords and therefore it is important that those affected start looking now at how they will be affected and what they must do to get ready.
With Making Tax Digital in mind, Lisa appreciates the differing challenges that businesses face in bringing their records into the Digital Era. Much preparation work has been undertaken within her own practice to develop support and guidance resources available in a format that is easy to understand for her clients. Initially Lisa launched a basic MTD Toolkit for her clients and some bite sized You Tube videos to explain how to carry out simple tasks within a digital accounting software. After the toolkit launch, it quickly became evident that more widespread support for sole traders and private landlords is needed. Lisa’s own practice runs at full capacity, with no space for new clients and therefore the toolkit has been expanded for more general support beyond the practice, including those with no adviser in place, consequently a new brand launched Tax Talk (UK)
Today, Tax Talk UK also provides general information for those wanting to work for themselves. Lisa says “There is a lot to think about when working for yourself and it is easy to become overwhelmed. Write notes as you navigate the information presented and then break your notes down into manageable to do lists, prioritise what needs to be done straight away and keep a list of things to revisit. Working for yourself is a constantly evolving learning curve, try to focus on one thing at a time and revisit the topics often as you become more confident and more successful”
Tax Talk UK is a comprehensive resource for the self-employed, sole traders and small businesses with some information for employees and private Landlords also. The information available on the website is also presented in video format, via You Tube for ease of understanding https://www.youtube.com/c/TaxTalkUK.
