Using memberships as a business model

But, a big but, before we get cracking with the membership, just a slight tax update, finance update for you guys about MTD.

So as you know, MTD has come into force as of April this year for people with a turnover of 50 grand or more, and it will be coming into play for those of you who have a turnover of 30 grand or more next April.

So if you are in either of those brackets, then you need to have a listen.

We've obviously been doing things in, uh, the background, getting ready for MTD and sorting it out, and I just wanted to let you guys know that it is an absolute ballache [laughs] um, and it is very, very complex.

Even for us accountants, we've been doing a trial one.

We've had someone that accidentally voluntary registered for MTD, so we've been doing the first quarterly submissions or the backdated quarterly submissions, and it is proving very, very tricky.

There's a lot of elements to it.

You know, it's not just as simple as clicking a button.

Um, you've got to register for MTD.

You've then got to link your software to that registration, and then you've got to do the submissions.

But if you've got more than one business or you've got a property, you have to have them on separate softwares, then they've got to somehow join them together to do your tax return at the end.

It was just to let you guys know that if you are in that camp of needing to do MTD and you're not sure whether to get an accountant or not, and this isn't just to plug our services.

Like, even if you don't come with us, that's absolutely fine.

But I would very much, you know, get you to consider having an accountant because it is extremely faffy.

It is very complicated and I would just do yourselves all a favor and get someone to do it for you because, like I say, we've been doing it in the background over the last few weeks and, um, it is proving to be very, very difficult and tricky because all these elements come in that we might not have thought about prior.

Whether HMRC have actually thought about it, who, who knows? But just if you are in that camp either this year or next year, then please, please, please start doing your research.

Get yourself on software now because I'm telling you, you will be doing yourselves a massive, massive favor if you're at least on software before you get to the MTD submission part.

Um, because like I said, it is very, very tricky even for us.

Uh, there's lots and lots of different factors that we've thought you could do, then we've turned out you can't do, and yeah, it's just a massive faff.

So please, if you are in that camp, think about getting an accountant or do your research now and get yourself planned well in advance because it's not as easy or straightforward that we might have thought previously.

[laughs] It's causing a lot of headaches and a lot of gray hair.

So yes, just be- Be warned, get yourself on software, get a separate bank account.

And if you are in the camp of you've got more than one business, whether you've got a business like a dog groomers and a property, it's gonna be very, very costly for you guys because everything has to be done on separate software, so you can't lump it all in one.

So any questions on that, please feel free to pop them in the comments.

Don't mind answering them as we go.