RW Accounts

If you would like to respond to the HMRC consultation, the link is in the comments. You don't have to answer every question and even short, practical responses are valuable e.g. "this would be too burdensome for small companies" or "I love the idea" 🤔😕

When work brings you to the beautiful north Wales coast it would be wrong to not take advantage of a lovely lunch spot 🍟

I have recently returned from a trip to India where I was blessed with attending a wedding and experiencing a different culture up-close. While there, someone introduced me to the Hindu idea of Karma Yoga - doing your work with care and effort but without getting overly attached to the result. It's a good reminder that doing great work isn't about being 'on' all the time or pushing non-stop. It's about showing up fully, doing what you can to the best of your ability and then taking proper breaks to recharge. Turns out, rest isn't a distraction from good work, it's what makes it possible!

I was certainly detached from my work while photographing this stunning scene as the sun rose over the Taj Mahal 😍

Can we all agree that every accountant needs a Bungle in January to remind them when it is biscuit break time 😍🥰

Last job before heading off to the Scottish hills for a break was submitting my first MTD update to HMRC. Having been accepted into the Xero Beta Testing this morning I thought I'd have a crack at it. What felt like it would be a mountain to climb turned out to be a simple process.

My top five tips:

1 - Ensure you have a separate business bank account

2 - Get the right software and link to your business bank account

3 - Keep up to date with your bookkeeping, don't let it pile up to the quarter end

4 - Make sure you are signed up for MTD with HMRC before trying to make a submission

5 - Check your software settings for calendar or standard quarters

Get those five right and it's actually not nearly so painful as I thought it was going to be.

One of the benefits of not having a permanent office space is meeting clients at some of the best coffee shops in the area, although the traffic getting out of there did slow me down a bit 🐏 🐑

Lost Barn Coffee

Is this the best we can expect from HM Revenue & Customs?

A new client contacted me recently to help with his taxes. His son had submitted his returns for him but had omitted to include expenses and CIS deductions on the tax returns resulting in some chunky and incorrect bills. The 2024 amendment has gone online but the previous year must still be submitted by post. HMRC's online tool tells me that it's likely going to be February next year before it's processed, that's six months.

In a world where we are gearing up for quarterly MTD submissions and the growing admin burden that will put onto small businesses, how on earth is HMRC going to cope with that much data when they are already struggling so much to keep on top of their post? Surely we can do better.

Lessons from this? Don't let your accounts and tax returns slide, making amendments later is stressful, slow and costly - think late penalties and interest.

🦋OUT NOW | ALLAN RWAN 🦋

🩷My new single with SERA, Cwlwm Cariad, is out today!! ‘Exquisite’ BBC Wales . Listen now on all streaming platforms, link in the bio.

🩷 Mae ein sengl newydd, Cwlwm Cariad allan heddiw ar pob llwyfan ffrydio. Grandewch rwan yn y linc yn y bio.

🦋Cwlwm Cariad’s title comes from the English name for the moth Lycophotia porphyrea, or True Lover’s Knot. It is about flying too close to the flame and the lure of shiny things. The song sings of the importance of both the light and the dark, the doing and the being.

🦋Daw’r teitl Cwlwm Cariad o’r enw Saesneg am y gwyfyn Lycophotia porphyrea, ‘True Lover’s Knot’. Mae’r gân amdan hedfan yn rhy agos at y fflam a deniad pethau disglair. Mae’r gân yn canu am bwysigrwydd y golau a’r tywyllwch, y gwneud a’r bod.

🌿 This is the second single from our forthcoming album Natur, out on 10 October and available to pre-order.

🌿Dyma’r ail sengl oddi ar ein album Natur, allan 10 Hydref.

💜 With stunning artwork by the magical ✨

💜Gyda gwaith celf gan yr hudolus ✨

Diolch