9am Lowdown: Tyrie expresses concern over MTD

9am Lowdown: Tyrie expresses concern over MTD

9am Lowdown: Tyrie expresses concern over MTD

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Good morning. Here is Thursday’s 9am Lowdown.


Tyrie expresses concern over MTD

The chairman of the Treasury committee has written to David Gauke to express his concern over the “extra burden” the government’s Making Tax Digital plans will place on small businesses.

In his letter to Gauke, MP Andrew Tyrie used the recent ICAEW survey which suggested 75% of all businesses, and 82% of sole traders, would have to change their record keeping systems to comply with the changes to argue that “the vast majority of businesses may face increased compliance costs”.

Before the MTD proposals are implemented, Tyrie said the government now needs to “provide a comprehensive impact assessment.”

Commenting on the correspondence, Tyrie said: “Many businesses are now very concerned that the need to establish and maintain a digital account will be mandatory, and at considerable cost to them. So a reassurance is needed from the government that no changes at all will be imposed until all three of the above have taken place will also help.

“No doubt Making Tax Digital is the future. But businesses and their customers should not be expected to foot the bill for the transition.”

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Accountant addicted to gambling takes own life

The city accountant who took his own life by jumping from the top of PwC’s London South Bank offices struggled with gambling addiction, says his father.

According to The Guardian, Joshua Jones who had been working as a graduate associate at PwC owed a total of £30,000 to banks and loan companies in order to fund his gambling addiction. His father has urged online betting sites to take action. “How many more deaths are needed before gambling addiction is taken more seriously?” Jones told the Evening Standard, encouraging websites to exclude gambling addicts like his son.

PwC said in a statement: “Josh was a wonderful young man. Those colleagues who were fortunate enough to work alongside him feel a great loss.”

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Overcome negative self talk

Negative self talk can stop you achieving your full potential and can lead to increased stress, says CABA.

Writing on AccountingWEB, CABA said: If you tell yourself enough times that you’re not good enough, clever enough or confident enough to do something – finding a great new job, perhaps, meeting your ideal partner or losing weight by starting a new diet – there’s a good chance you’ll talk yourself out of even trying.

If you catch yourself always thinking something is your fault, or telling yourself that you’re not good enough, the accounting charity suggests writing down your negative thoughts and question how accurate they are, and consider what a positive person would say.

For more tips on overcoming negative thoughts, head across to CABA’s AccountingWEB suppliers’ page. 

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