MTD Made Simple

Tax rules shouldn’t hold your business back. We take you behind the headlines on Making Tax Digital and show how sole traders and landlords can turn quarterly submissions into a simple, powerful system for visibility, planning, and growth. If your turnover hits £50,000 from April 2026, you’re in scope for MTD-ITSA, with the threshold dropping to £30,000 in 2027 and likely £20,000 after. We clarify who’s affected, who isn’t (limited companies and partnerships, for now), and why the VAT threshold keeps pushing owners to cap their income at £90,000.

We dig into what actually changes: five submissions a year, not four; combined turnover for landlords and trades; software that connects bank feeds, invoices, and receipts without the spreadsheet chaos. Expect plain talk on registration hurdles, HMRC’s creaky systems, and why June and July will be a pinch point. Then we flip the script—use the quarterly rhythm to nail your bookkeeping, forecast your tax, tighten cash flow, and catch margin leaks early. We share pragmatic software routes, from bank-bundled tools to purpose-built landlord options, plus our candid view on bridging tools, costs, and where they fall short.

You’ll also hear how to avoid the big traps: ignoring the rules, leaving everything to your accountant without a plan, mixing personal and business money, or rushing into a limited company just to dodge admin. With clear thresholds, a realistic timeline, and a simple workflow, MTD can become your business dashboard, not a burden. If you’re ready to get ahead of the curve, press play, take notes, and start setting up your system today. Enjoyed the conversation? Follow the show, leave a review, and share this with a sole trader who needs a straight answer on MTD.

🎧 Listen now on Spotify & Apple Music and don’t forget to subscribe, share, and leave a review – and send us your questions for future episodes!

Transcript

Setting The Scene And Positivity

SPEAKER_03 0:01

Welcome to this is to the Dominic where we talk about family, business, and everything in between. I'm your host, Jack, and I'm here with my whole domino. Today we're doing a special on MTD.

SPEAKER_01 0:14

Making tax digital.

SPEAKER_03 0:16

Yes. As much as I try not to make this podcast about accountancy and tax, we thought we should do one on MTD.

SPEAKER_01 0:24

Yeah, I think we should. But at least there's one good thing.

SPEAKER_03 0:28

What's that?

SPEAKER_01 0:29

Sun is shining.

SPEAKER_03 0:30

The sun is shining.

SPEAKER_01 0:31

Spring is here, the daffodils are out.

SPEAKER_03 0:32

The daffodils are out, I've got some on my table, they look lovely.

SPEAKER_01 0:36

So you know that's that's good, isn't it? Optimism ahead.

SPEAKER_03 0:41

But MTD isn't bad. It's not a bad thing.

SPEAKER_01 0:44

It's not bad if you embrace it how you really ought to and look at it as an opportunity.

VAT Thresholds And Behaviour Change

SPEAKER_03 0:52

Yes. Exactly. You just gotta reframe it. This isn't a negative podcast.

SPEAKER_01 0:58

No.

SPEAKER_03 0:59

No negativity here.

SPEAKER_01 1:01

No, but how many clients have we now had? Well, I don't want to do that, this isn't for me. Blah blah blah.

SPEAKER_03 1:06

Yeah, well we don't make the rules, do we? We don't make the rules.

SPEAKER_01 1:11

No.

SPEAKER_03 1:11

But we can tell you about the rules.

SPEAKER_01 1:13

So before we go on to MTD, I'm gonna quote the Times.

SPEAKER_03 1:18

Oh wow.

SPEAKER_01 1:18

Here we go, back to the Times. And a little post I put up on LinkedIn.

SPEAKER_03 1:23

Okay.

SPEAKER_01 1:24

So and it's kind of linked to MTD because it's it's all about thresholds, yeah.

SPEAKER_03 1:29

Okay.

SPEAKER_01 1:30

The amount of people that we now see. Oh, bless you, Jade Sneezing by the way. Thank you. The amount of people that we see on M on um our client base now and where we sort of do the MTD stuff who have an income thresh limit of£89,999. So they don't register for VAT. So in the paper, they've they've got pictures of people putting close signs up on their shops, etc., where they're not opening all the time during the week because they don't want to go over the VAT limit. 90,000 VAT limit. I think it's quite important to keep that in mind. Um, and I know someone reached out to me on LinkedIn and said, you know, it's really annoying because their hairdresser now doesn't work on a Saturday because they don't want to go over the limit. So if that hairdresser has a shop, what they're also not doing is they're not training people because they don't want to have the income for that person because they're going to go over the VAT limit. And why don't they want to go over the VAT limit? Because they're 20% more expensive. So I know this isn't about VAT, but this is one of the thresholds, and this is why it's causing a little bit of issues for us on making tax digital.

Who MTD Applies To And When

SPEAKER_03 2:49

So why what is the connection? Because even I don't understand what the connection is between VAT and MT.

SPEAKER_01 2:55

So making tax digital starts this year from the 6th of April 2026.

SPEAKER_00 3:00

Yep.

SPEAKER_01 3:01

It starts if you have a turnover of£50,000 or more, you have got to register for making tax digital. So you're not used to reporting to HMRC every quarter.

SPEAKER_03 3:15

Nope.

SPEAKER_01 3:15

Yeah, which is what making tax digital because you're not VAT registered. Because you're not VAT registered. So anyone that's earning between£50,000 and£90,000, they're in that little sweet spot where they're like, Well, why are we doing to do it? We're not VAT registered, what's the point? Whereas the people that are VAT registered are going, Well, yeah, we could probably tag it on to our VAT return or do it as part of that process, etc. So we we've already got software in place because we're doing our VAT, we've already got processes in place because we're doing our VAT, we just need to have a different process and a different way of working to get the making tax digital reports done. So I think that's why that's really important because there is a lot of people that have just gone over the 50k.

SPEAKER_03 4:01

Yep.

SPEAKER_01 4:02

Um, those that are earning a lot more than the the the 90k, they're probably you know there's still issues and we've got to deal with it, but they're probably easier to deal with than anyone owning 50 to 90. And the issue between then is that in on the 6th of April 2027, that comes down to 30,000. Yeah, so you've then got a whole new cohort of going, actually, there's a 60k difference. Notice I did that in the hell of my head.

SPEAKER_03 4:34

Well done.

SPEAKER_01 4:34

There's a 60k difference there between VAT registered, got to send, and not VAT registered, but still got to send every quarter. And I just think this it's so disjointed, and we're already seeing issues around that confusion.

SPEAKER_03 4:50

Yeah, I think there's a lot of confusion. There's also confusion around whether you who it applies to. Oh, yeah. Because you spoke to someone, didn't you, who thought it applied to them, but they had a limited company, so it doesn't apply to them at all. This only applies to soul traders.

What MTD-ITSA Actually Requires

SPEAKER_01 5:05

Well, there were some journalists, I mean, and to be quite honest, I think financial journalists now are nearly as bad as ChatGPT, and they're probably getting their advice from Chat GPT because they don't go to the pub anymore, they can't afford a pint. Um, so basically, this journalist, funny enough, from the Times last Sunday, said that their friend feels net now has to fill in with MTD nine returns to HMRC because they've got their N MTD and they're a partnership. But partnerships are not in making tax digital, so they don't understand it. Uh, limited companies aren't part of making tax digital, partnerships are not part of making tax digital, so you know get your facts right as well, please. A financial journalist, just a you know, please make our life a little bit easier. And I put it up on LinkedIn as I do, as you do, and the amount of people I had come back to me and go, Oh, I didn't know that. Oh, that's good. Yeah, I mean, who's g advising these people? I don't know, it's it's it's mad.

SPEAKER_03 6:08

It is bonkers, but what I think we'll do is we'll go right back to the beginning now to really try and explain what MTD is, what it means, blah blah blah blah blah without confusing people.

SPEAKER_01 6:22

Right.

SPEAKER_03 6:23

So what does MTD stand for?

SPEAKER_01 6:26

Making tax digital.

SPEAKER_03 6:29

Woo! You might also see it as MTD Itza.

SPEAKER_01 6:32

Oh, yeah. Um income tax self-assessment. Is this all like examples?

SPEAKER_03 6:38

Dad looked at me with fear in his eyes then with an Itzamine. That was fun. Um and it's all part of HMRC's plan to move tax fully online. Um, so they've already done it with VAT, they did that a few years ago, um, and they've been saying they're gonna do it for self-assessment for a long while. Um, and now it's it's finally happening. But I mean, I think it's been like six years on and off or something ridiculous like that.

SPEAKER_01 7:07

At least. Um at least, yeah.

SPEAKER_03 7:09

It is it is now happening. Um it means that sole traders will have to do quarterly digital submissions instead of one annual submission. Yeah, so that's four instead of one.

SPEAKER_01 7:24

No, it's not.

SPEAKER_03 7:25

Why?

SPEAKER_01 7:26

It's five submissions.

SPEAKER_03 7:28

Five?

SPEAKER_01 7:29

Yeah.

SPEAKER_03 7:29

Oh, because you still have to do an extra tax return. Yeah.

SPEAKER_01 7:33

So there's four submissions for MTD, and the fifth is your tax return.

SPEAKER_03 7:38

Yeah, but it would be at the same time as that fourth one.

SPEAKER_01 7:41

Well, assuming the banks can give you the interest statement or the dividend vouchers come in in the right place, or your rental statements come in separate.

SPEAKER_03 7:48

Okay, fine. Anyway, it's five submissions because you have to do your tax return still separately. Which is fun. So we've touched on who's affected, but we'll just clarify. So it's sole traders are affected who are earning over 50k. That's who's coming first.

SPEAKER_01 8:11

That's turnover. And that's turnover, it's not profit, that is turnover.

Software Choices And Costs

SPEAKER_03 8:16

Um, and that's for sole traders and landlords as well. So if you have a property portfolio that's earning you over 50k a year, you will be in making tax digital.

SPEAKER_01 8:28

Yeah, but just bear in mind there that some people, you know, especially if you've got builders' trades, because a lot of sole traders are trades, they might have a rental property that they bought cheap, they bought property cheap, done it up because they can do it, and then they're renting out. That rental income, if it's in your sole name, is part of your turnover for making tax digital. So that rental income is added to your sole trade income as well.

SPEAKER_03 8:57

So it's combined.

SPEAKER_01 8:58

Yeah, so if you're taking a thousand pounds a month nowadays, about average for a rental property around this area, you know, that's already 12,000. So your making tax digital threshold is 38,000.

SPEAKER_03 9:10

Yeah.

SPEAKER_01 9:12

Um did that all in my head.

SPEAKER_03 9:14

Well done. Good, good job. Um, so yeah, so this year it's that 50k mark, then it goes down to 30k, and then I believe it goes down to 20.

SPEAKER_01 9:24

Then it's 20k, yeah.

SPEAKER_03 9:26

Um so it will hit everyone within three years, it will hit everybody. Um it's not hitting limited companies yet or partnerships.

SPEAKER_01 9:38

And I don't think it will.

SPEAKER_03 9:40

But with HMRC wanting to do make it make tax digital, one day corporation tax will be on the hit list.

SPEAKER_01 9:48

Maybe, maybe. I think there's a there's a lot there's a lot more around there. There's no real big definitions regarding, you know, like a micro company is up to a million turnover, and a small company is up to what 15 million now. So it's it's gonna be a tough one to put that one through.

SPEAKER_03 10:04

Well, we shall see. We'll see what they decide to do.

SPEAKER_01 10:08

Yeah.

SPEAKER_03 10:09

Um, but one thing that this means as well is to do those quarterly submissions, you have to be using software.

SPEAKER_01 10:16

Yes.

SPEAKER_03 10:16

Um, so that's a stipulation for if you're VAT registered already, and now it's if you are under MTD, you have to be using software that can submit to HMRC.

SPEAKER_01 10:27

Yeah, and there'll be what's called bridging software if you're using things like Excel. We're not interested in that area as a firm. No, um, because I don't think that that is the right way to go. If you're gonna if you've got to go digital, you've got to do it the right way, in my opinion.

SPEAKER_03 10:44

Yeah, and there's so much room for error, I think, with the bridging software.

SPEAKER_01 10:48

Yeah, I just don't like it.

SPEAKER_03 10:49

But it is out there, it is, but ideally you want to be on software, and there's some really good deals out there for example. If you've not got a business bank account, you can get set up with um is it Netwest?

SPEAKER_01 11:01

Yeah, NetWest do free agent as part of their deal. That's a good little deal.

SPEAKER_03 11:04

Then you get free agent with that. Um, we use Dex Solo um within our firm, which is is really good, especially for landlords.

SPEAKER_01 11:13

Yeah, um we'd probably use Starling or someone like that with that, wouldn't we?

Registration Hurdles And HMRC Systems

SPEAKER_03 11:17

Yeah, um with with yeah, one of the challenger banks like Starlin, which um is a great bank, and that's a free business bank account as well. Um, and there's there's a lot of good products out there that wouldn't cost you the earth. Um, obviously our preferred software is always zero, but that still costs you£37 a month.

SPEAKER_01 11:37

So yeah, and and and you know, and I don't think they're offering at that at the MTD rate is is is quite right at the right price point, in our opinion.

SPEAKER_03 11:46

No, no, not at this point, but if you are a sole trader looking to grow, then zero is your your best bet.

SPEAKER_01 11:51

If you want to invoice and you want to be back registered, etc., they would say zero.

SPEAKER_03 11:55

Yeah.

SPEAKER_01 11:56

Um free agent.

SPEAKER_03 11:59

So do you want to talk through the process, Dad?

unknown 12:03

Yeah.

SPEAKER_03 12:04

If you know it.

SPEAKER_01 12:05

So what do you mean if I know it?

SPEAKER_03 12:07

If you know it.

SPEAKER_01 12:08

Okay, so you and Josh have been doing this process, yeah? Yeah. And you didn't even you didn't even know that there's five returns.

SPEAKER_03 12:16

Josh has been doing it. Oh, don't we? Oh, I've helped put stuff in place on the systems.

SPEAKER_00 12:21

How won't I know I'm growing a human?

SPEAKER_03 12:23

Oh, shut up.

SPEAKER_01 12:25

So, um, first of all, you need to register for MTD. Yep. Yes. So go to HMRC or ourselves or your accountant and just register for for making tax digital. You need that, yeah. HMRC are using a separate computer system, so that's got that's already caused an issue with this.

SPEAKER_03 12:43

It's also been down today, and yesterday. So it was down yesterday, and now today, if you put anyone in, it says that um you can't register them because they've never had a tax return before.

Turning Compliance Into Insight

SPEAKER_01 12:54

That's because they've got two separate so you've got a self-assessment computer system, making tax digital computer system, those that beta test it this year. This this is laughable. I mean, how on earth is this system gonna work? So anyone that beta tested the payments on account did not appear on their self-assessment account, people weren't paying it. I don't know whether they got fined or not, because we didn't have anyone beta because of this type of issue. But the two computer systems at HMRC basically weren't talking. I mean, you can't even write it, can you? But that's life. So you got a register for making tax digital, assuming the system works, um, and then you have your software and you basically submit a return every three months, so every quarter, you submit a return electronically to HMRC, very similar to the way anyone that was VAT registered would do their VAT registration, their VAT submissions. I would say that you know, when you're submitting that, you need to get some benefit, don't you? You know, okay, I've got to comply with HMRC, but let's get some benefit. Um, and the sort of benefit you'd like is kind of if you're submitting your stuff every quarter and you've given all the accurate information, you want a little bit of an idea of what your tax is going to be.

SPEAKER_02 14:10

Yeah.

SPEAKER_01 14:10

So, you know, probably a good idea to work in conjunction with someone to get your tax benefit as well. And then, if you do use the software that we recommend, why not speak to your accountant, your business advisors to basically say, Well, actually, how can I make my business better? How can I make it more efficient? Because I'm gonna have more costs. Well, you know, I've got to pay more costs because I've got something done every four every three months.

SPEAKER_02 14:38

Yep.

SPEAKER_01 14:38

Um, and I've got to buy software, you know. Typically, you know, a non-batteristic client will be what around about with the software, about 140 quid a month, something like that. Yeah, you know, that's an additional cost plus fat.

SPEAKER_02 14:52

Yeah.

SPEAKER_01 14:53

So work with work with someone, get that money back, you know, be more efficient. You know, if you're a tradesperson and you spend all night writing out your quotes and you're emailing them at 11, 12 at night, and people don't answer you, and then you've got a phone up and chase the quote, or you get a quote accepted, and you don't realize you've had that accepted, and you don't bother with that, and you lose all the work. Why not start looking at the systems that work for you that are really easy to use? You use them on an iPhone, you know.

SPEAKER_03 15:23

Absolutely.

SPEAKER_01 15:24

So you go out, you do your quote, you send it to the client straight away, or they sign it straight away, it then converts to a work schedule, it then converts to an invoice. This is all software that's simple and easy to use.

Habits, Deadlines, And Capacity Crunch

SPEAKER_03 15:35

It really is, and this can be an opportunity to really utilise some of that software and grow your business, yeah. Um, one of these things with your quarterly updates is you do need to make sure your bookkeeping is up to date. So if you're one of those people that leaves it all until January at the moment, oh my goodness, yeah, then you need to change, and yeah, you have to have your bookkeeping up to date at least quarterly, which isn't such a bad thing because then you know exactly where you're at financially, which is a big plus point for you and your business. Um, but that is a huge, a huge thing that you you will have to unfortunately change and and conform with.

SPEAKER_01 16:16

Um and the other thing I was speaking to someone the other day, so bear in mind that you know a self-employed person, their year end is either is is the 5th of April.

SPEAKER_03 16:24

Yep.

SPEAKER_01 16:25

So their quarters will probably be to the end of each quarterly month. So where you are going to a provider to help you do this, you've just got to remember that most people who are set up on their own working from home, etc., probably you know, full up to the brim anyway. Their workload is just quadrupled.

SPEAKER_03 16:50

Yes.

SPEAKER_01 16:51

So, and their workload, if you give them all the all the work on the third month, is gonna be absolutely mad. So if you are a sole trader looking at making tax digital, you don't want to do it, you've really got to work with your provider, with your accountant to make sure you do things on time, etc. And that's not just a plea from us, but if you're using a you know, thread in the shed, as we call them, but someone working from home that's providing a good service to subcontractors, etc., they're not gonna cope, you know, um, and that the system may well break from that side of it. And I know that HMRC are already saying that they are gearing up for a really busy June because you register in April, May, June is when they submit, June is when people are gonna go, Oh, I need to do that. They're not all registering now, the system's been down for two days. In June, it's gonna be horrendous. In July, it's gonna be almost impossible to deal with. Yeah, people are gonna be going, well, I'm not doing it because I can't get on the revenues website. There's gonna be leeway for a year, but after the year, I would say this will all be geared to fines.

SPEAKER_03 18:09

I think it will.

SPEAKER_01 18:10

Yeah.

SPEAKER_03 18:11

Because it's HMRC, and why wouldn't they? Yeah, yeah. Um, but there are some pros. So you have better visibility of your business.

Pros And Cons For Traders And Landlords

SPEAKER_01 18:25

Yep, absolutely. Um plan for your tax.

SPEAKER_03 18:28

You can plan for your tax, there's fewer surprises at your year end.

SPEAKER_01 18:32

Yeah.

SPEAKER_03 18:33

Um, it encourages better bookkeeping, it does, which is a plus point for most people, especially accounts.

SPEAKER_02 18:40

Yeah.

SPEAKER_03 18:41

Um, and there's less last-minute stress, which is always a positive.

unknown 18:48

Yeah, well, yeah.

SPEAKER_03 18:50

And um so yeah, we've got the pros. Then there obviously are cons. There it is more admin, more deadline, more accountancy fees. If you're a bit older and not used to the technology. Do you mean older? Quite a lot older, and not used to technology. Quite a lot older. I don't know. Quite a lot older and not really tech savvy.

SPEAKER_00 19:12

Well, a lot older than what.

SPEAKER_03 19:13

If you're not tech savvy, don't even have to be older. Yeah. If you're not tech savvy, that could be an issue. Um, and I know that landlords are especially frustrated by this.

SPEAKER_01 19:24

Oh yes, absolutely. Um, yeah. And and people say, oh yeah, you're doing alright out of it, but well, not really. You know, we will do okay out of it if people want to embrace what it's for, and etc. But you know, it's it's uh it's gonna be an interesting year.

SPEAKER_03 19:46

It is, it definitely is.

SPEAKER_01 19:48

But you're right, the positive is if people you know, if some people can sit down and actually I wanted to always put some put this stuff on you know, computer and get me invoices out electronically, etc.

SPEAKER_03 19:58

Yeah, this is the reason to do it.

SPEAKER_01 19:59

I think that yeah, it's a great reason to do it. But my advice at the moment get that in now.

SPEAKER_03 20:06

Yeah, do it now, don't wait. Do it, do it now. Yeah, um, and I think my my next bit was biggest mistakes people can make with this, and the first one is ignoring it.

SPEAKER_01 20:16

Yeah, yeah, don't ignore it.

SPEAKER_03 20:18

Don't ignore it, you'll get yourself in a pickle.

SPEAKER_01 20:21

Um and just remember HMRC have a very, very, very sophisticated computer system. It will pick up who is self-employed and who has got rental income, who's had that on their 25 tax film when that goes in, who had it on the 24 tax film when that because that should be in by now. They've got that data. So, you know, if you think oh they will never they'll never know, they already know. So, yeah, it's just you're not gonna hide from this.

Avoiding Mistakes And Getting Advice

SPEAKER_03 20:50

No, no, you're not. Um, and you can't ignore it, you need to take action now before April. Um, you want to research your softwares, see which one you're comfortable on, see which one you're happy with, um, and don't just assume as well your accountant will just sort it. It's it this is new to everybody, and your accountant may not be gearing you up for making tax digital, you need to ask the question.

SPEAKER_01 21:20

I mean, they should know.

SPEAKER_03 21:22

They should know.

SPEAKER_01 21:23

I mean, some some might not even know about it.

SPEAKER_03 21:26

Yeah. If you've got if you've got a accountant as well who you know is not tech savvy, which is very possible, very traditional, yeah, it's very possible they're not even entertaining the idea of making tax digital. And it you need to just uh just ask the question.

SPEAKER_02 21:42

Yeah.

SPEAKER_03 21:43

And don't just assume your accountant is just doing it.

SPEAKER_02 21:46

Yeah.

SPEAKER_03 21:47

Especially if you've not heard anything about it, that would be a huge red flag for me, because your accountant's work is is quadrupling.

SPEAKER_02 21:55

Yeah.

SPEAKER_03 21:55

So they you'd have thought they'd say something and and your fees will Unfortunately, be going up.

SPEAKER_02 22:01

Yeah, absolutely.

SPEAKER_03 22:02

There's just no two ways about it.

SPEAKER_01 22:06

Yeah.

SPEAKER_03 22:06

They've got to. The other thing that you really need to do if you haven't already is separate your personal and business.

SPEAKER_01 22:13

Oh, yeah, that's really good to do that.

SPEAKER_03 22:15

Um, so if you are currently a sole trader and you put everything through your personal bank account, that's just going to cause you so many issues when you need to do your bookkeeping. You need to separate it, and then it'll be so much easier.

SPEAKER_01 22:28

So I've got a funny story on that.

SPEAKER_03 22:30

Oh, really?

Sole Trader Vs Limited Company Trade‑offs

SPEAKER_01 22:30

Yeah. So we had a client in the other week, we do their bookkeeping. We we charge per transaction on this particular client. And they put all their personal stuff through, even their business account. And I said, Well, you do know that you're paying us to, you know, handle that document. And they're like, Oh, I didn't realise that it's mine, it's personal. I'm like, Well, yeah, but we're still dealing with that transaction. So, regardless of whether you've got an on-site admin or whether you've got an outsourced admin, you're still paying for that transaction that is personal to be done.

SPEAKER_03 23:08

Yeah, and even if you're doing it yourself, you're then still you're making yourself extra work because you're having to process it yourself.

SPEAKER_01 23:15

Absolutely.

SPEAKER_03 23:16

So just separate it.

SPEAKER_01 23:18

Yeah, it makes and and if you ever get an investigation, they always ask for the bank account that the business operates from, then your personal stuff's not on it as well.

SPEAKER_03 23:25

Exactly. Exactly. So if I were in your shoes, so if I was earning um over the 50k mark and was a sole trader, I would be getting my software, I'd be doing my records digitally, I would be reviewing my figures quarterly at least, and I would be treating it as a business management tool and not a tax burden, even though that is you know, you're being forced to do it, but you may as well reframe this as an opportunity to be more on top of your business.

SPEAKER_01 24:01

Yeah. And also, I've heard quite a lot of people say they're gonna go to a limited company.

SPEAKER_03 24:06

Yeah, just to save on the admin.

SPEAKER_01 24:08

Yeah, I mean that's quite daft really.

SPEAKER_03 24:12

Why is it daft?

SPEAKER_01 24:13

Well, you know, in the right hands, a limited company is fine. But if you're doing it just so you don't have to tell the revenue every every three months that you are um trading a limited company in terms of fees nowadays to operate on a monthly basis, not much in it now with um making tax digital coming on board. But it does have other other things, doesn't it? You know, like salaries, dividends, got to operate in a certain way. I just and the revenue are also clamping down on dividends. So I would say speak to your accountant for the pros and cons on both. We've been doing some exercise, we've got a little tool now, haven't we?

SPEAKER_03 24:54

We have.

SPEAKER_01 24:54

Um and sole trade from a tax point of view seems to be the better option at the moment. Um, so you know, don't always make the decision on the on the fact that you've got to submit quarterly returns to the revenue. It just it's you just need to, you know, weigh up the pros and cons. Don't listen to your mate down the pub, get some proper advice on it.

Unfiltered Minute: Customer Service Shoutout

SPEAKER_03 25:18

Yeah, yeah, absolutely. Get some proper proper advice and move forward that way. So, now we're done with MTD. Let's move on to our unfiltered minute.

SPEAKER_01 25:29

Our unfiltered minute.

SPEAKER_03 25:31

Yeah.

SPEAKER_01 25:32

Ah.

SPEAKER_03 25:33

Ah.

SPEAKER_01 25:34

Did I do customer service last week on my golf club?

SPEAKER_03 25:38

You didn't, surprisingly.

SPEAKER_01 25:40

Ah, okay.

SPEAKER_03 25:41

No, you did that, you're the accounting priest last week.

SPEAKER_01 25:44

Oh, the accounting priest? Yeah. Oh yeah. Well, we haven't done a quote yet. Um yeah, so customer service.

SPEAKER_02 25:52

Uh-huh.

SPEAKER_01 25:53

And but back to Ollie in the and the as the golf professional.

SPEAKER_03 25:58

I feel like Ollie needs to come on at some point. He's featured so much. I think Ollie does.

SPEAKER_01 26:03

So so basically there's a there's a a ping putter range.

SPEAKER_03 26:07

Okay.

SPEAKER_01 26:08

Um, and it's been really, it's got such a cool name.

unknown 26:12

Okay.

SPEAKER_01 26:13

Yeah.

SPEAKER_03 26:14

Really cool.

SPEAKER_01 26:15

Which is three letters, yeah. But I think it's it's so cool that like the song, I am so vain, I thought they were singing about me.

SPEAKER_03 26:25

Oh my goodness.

SPEAKER_01 26:27

The putter arranged called PLD. So I said to Ollie, who I bought my clubs off last year, I said, Oh, I'd really love that, but I'm not gonna buy a putter because I'm quite happy with my putter. But what would be really nice is a um putter grip with the PLD on it. And it got me one.

SPEAKER_03 26:44

Aww.

SPEAKER_01 26:45

And so I now have my ping putter with PLD on it.

SPEAKER_03 26:49

Very nice.

SPEAKER_01 26:50

I never, you know, he didn't have to do that.

SPEAKER_03 26:53

He didn't have to do that.

SPEAKER_01 26:53

But what a lovely touch. So that's a really nice touch customer service thing on there.

SPEAKER_03 27:00

That is that's very nice. Well done, Ollie. That's very, very nice. That made Dad very happy.

SPEAKER_00 27:06

It did make me happy, and I've told lots of people.

SPEAKER_03 27:10

Good. Alright then.

SPEAKER_00 27:12

So what's your unfiltered minute?

Unfiltered Minute: MBA Mishap

SPEAKER_03 27:13

Um, my unfiltered minute is oh, I had something funny happen yesterday. So I was on I had my MBA live lesson.

SPEAKER_01 27:23

Oh, you're doing MBA?

SPEAKER_03 27:24

I am, yeah. Well, you should have said, yeah. I've only got two live lessons left now.

SPEAKER_02 27:29

The rest dead.

SPEAKER_03 27:32

Painful. But anyway, the the lecturer, um very nice man, very good, quite a good lecturer actually. But he says, Oh, I'm gonna have to turn my camera off in a minute because I'm gonna get kicked out of my room. And we're like, Okay, he's like, Well, you know, that I'm at the university and this room got was booked, and so I've just got to change room. So we're all like, Yeah, that's fine. Anyway, he forgets he turns his camera and microphone off and stuff, but he doesn't go out of the meeting and he's still sharing his screen, and so he goes on an entirely different call and starts heading up a different call to a load of other people whilst still on the call to us, who are obviously meant to be having our lecture. Um, and yeah, it was really funny. I was absolutely wetting myself. Um, and he came back to be there. He came back about 15 minutes later, and somebody actually said to him, Oh, oh, did you did you realise that we could all see your screen and this other meeting you were hosting? And he yeah, he was he was very embarrassed.

SPEAKER_00 28:39

Okay.

SPEAKER_03 28:40

Yeah.

SPEAKER_00 28:41

You obviously found that really funny.

SPEAKER_03 28:42

It was really funny. Okay, it was really funny. I was also a little bit outraged, but it was really funny.

SPEAKER_00 28:48

Outraged.

SPEAKER_03 28:49

Outraged.

SPEAKER_00 28:49

Outraged from Avon.

Team News And Closing

SPEAKER_03 28:51

Oh, we're meant to we're meant to have our lecture, you know. Okay, and he went and did a different one. But it was funny.

SPEAKER_01 28:59

So the other the other thing is obviously well say obviously tomorrow we're off to London, aren't we? We are go and see our new client in London. We are, um James, you and me.

SPEAKER_03 29:09

Exactly. Yep. We're leaving at seven in the morning, which one accounts are on tour. One accounts on tour.

SPEAKER_01 29:15

Yep.

SPEAKER_03 29:16

And we are in London as well Wednesday next week for our team building day.

SPEAKER_01 29:19

Oh yeah, Monopoly.

SPEAKER_03 29:20

Monopoly Live.

SPEAKER_01 29:21

Yeah, excellent, and we picked our teams today.

SPEAKER_03 29:25

We did, yeah, out of the hat.

SPEAKER_01 29:26

Out of the hat, which we've got me. Oh, you're team captain, aren't you?

SPEAKER_03 29:32

I'm team captain.

SPEAKER_01 29:33

So you, mum, me, and Kerry.

SPEAKER_03 29:36

Yeah, we've we've adopted Kerry.

SPEAKER_01 29:38

Poor Kerry, she's got a putt with us.

SPEAKER_03 29:41

Poor Kerry. That's fine, but that is that's the team, indeed, and then Katie, Katie's on a different team, and Josh is on a different team.

SPEAKER_01 29:50

Well, they would be because they weren't in that name of all. It's quite simple.

SPEAKER_03 29:55

So annoying. Anyway, on that note, we will uh say goodbye. Goodbye.