Happy New Year!

Paula Veysey Smith • 3 January 2018

New Year – and a new tax regime

A purple background with the words `` happy new year '' and sparklers.

MTD?! Does this mean “More Tax Demands”? Yes, most certainly! Will it mean “My Tax Diminishes! I’ll let you answer that one!

MTD, Making Tax Digital – this is The Revenue’s present to us all – and it’s not one you can take back to the shops and exchange!

According to the policy paper published by HM Customs and Excise in July 2017 Making Tax Digital will “make it easier for individuals and businesses to get their tax right and keep on top of their affairs – meaning the end of the end of the annual tax return for millions.”

If that sounds like good news please beware. My article published on the 2nd October 2017 and available on the website discussed the pitfalls of MTD and its application to personal tax returns. And that didn’t even touch on the issue of dynamic tax coding – one I will save for a later article.

MTD will affect the way we report practically every tax; for VAT registered businesses this may come sooner than you think. Draft VAT regulations, and a notice to require taxpayers to comply with MTD reporting, were released for consultation on 18th December 2017, with a deadline for commenting set at 9th February 2018. This consultation period fits neatly over the busiest period for accountants and tax advisers, thus reducing the likelihood of detailed feedback from those who will be at the sharp end of the MTD regime, but I’m sure that is just a coincidence.

One of the main issues surrounds functional compatible software as only such software will be able to submit VAT returns under MTD. The HMRC portal for submitting VAT returns does not meet these standards. This means that companies using spreadsheets or other non-compliant software to calculate VAT and upload it to HMRC through their portal are not going to be MTD compliant. And we have till the 9th February to make sure the Revenue understands the further pressure this will put on small business.

MTD is one of the biggest changes in tax reporting in the UK for the past 20 years – it’s like The Revenue are playing catch up with the digital age. I will ensure that you are kept up to date with the new regulations and please do email me with any concerns that you may have.

Wishing you all a Prosperous New Year.

R is for Reward

by Paula Veysey-Smith • 8 July 2026
The finish line isn't just a destination. It's proof of everything you put in to get there. “Nothing feels so good as when you've succeeded at something you set out to do.” We made it. Seven letters, seven posts, and one very important journey. If you've been following this series from the beginning, you'll know that back in January we started with a goal — a triathlon in July. And as I write this, sitting in the garden with an iced coffee and a medal around my neck, I can tell you: it happened.  R is for Reward. And it might just be my favourite letter of the lot.

E is for Evaluate

by Paula Veysey-Smith • 8 July 2026
Setting a goal is just the beginning. What keeps it alive — and keeps you moving towards it — is what you do in between. “Evaluating what you're doing is so important. What worked, what didn't, what can I do better?” We're six letters into the SMARTER framework now. We've covered Specific, Measurable, Achievable, Relevant and Time-bound. Today we reach E for Evaluate — and I'll be honest with you, I think this might be the most important letter of the lot.

T is for Time-Bound

by Paula Veysey-Smith • 26 June 2026
A goal without a deadline is just a wish with good intentions. Here's why putting a date on it changes everything. “Having that end date is something that gives you the enthusiasm, the commitment, and the motivation to continue.” We're now on T in the SMARTER Goals series - and this one is beautifully simple. T stands for Time-Bound, or Targets. It means giving your goal an end date.

R is for Relevant

by Paula Veysey-Smith • 26 June 2026
Short-term goals are more powerful when they're built towards something bigger. Here’s why relevance is what keeps you going when motivation dips. “Goals that are shorter term in nature, but built to a bigger vision, are the most motivating that you can get” So far in this series we've looked at S for Specific, M for Measurable, and A for Achievable. Now we come to R for Relevant -- and this one is about making sure your goals are connected to something that genuinely matters to you.
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