Are you suffering from neophobia?

You know what it’s like when you’ve got a good routine going? It feels comfortable, secure, right? Then something happens that means you’ve got to break from that routine, try something new and, before you know it, you’re suffering from neophobia. Neophobia is an irrational fear of innovation, new situations, places or things. In its milder form, it can manifest itself as an unwillingness to try new things. All phobias are a relatively common type of anxiety disorder which can be treated with cognitive behavioural therapy using exposure and fear reduction techniques. In many cases, anti-anxiety or anti-depressant medication proves helpful, especially during the early stages of therapy. Fortunately, if Making Tax Digital is making you at all anxious, then please stop worrying, because we have the treatment and it’s called Accounting2You. Accounting2You is our bookkeeping business which can:

  • design a bespoke bookkeeping service to suit you and your business’s needs
  • provide up-to-date, precise information so you can make better business decisions
  • save you money on accounting costs and improve your cash flow
  • keep in regular contact with you to help with submissions to HMRC

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MTD is one of the biggest changes to affect business in decades, but it’s a really positive step for all of us, especially when you consider that £8 billion is lost every year through avoidable errors with the existing tax system.  With MTD tax recording will become more accurate, providing fewer opportunities for errors, miscalculations and fraudulent activity. The process will also be faster and more automated which will ultimately save time. If you only feel the slightest bit neophobic about embracing MTD, then just contact us to do it for you.

Remember, MTD starts 1st April 2019 and VAT-registered businesses above the threshold of £85k will have to keep digital records and submit VAT returns using compatible software. Other components of MTD, such as income tax and corporation tax, are on hold until April 2020 at the earliest. We’ll be posting updates about the timing on our website as and when we know more.