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Taxing transformations

Remember the plans for quarterly tax returns? Simon Whaley finds out what writers need to do now, in preparation

If there’s one piece of writing most of us detest it’s completing our tax return. So when George Osborne announced in November 2015 the Making Tax Digital scheme, whereby self-employed people, such as writers, may need to complete quarterly tax returns, many feared the worst. How much of our future writing time would be gobbled up by the need to be creative with numbers? However, plans for this were dropped from the Finance Bill that went through parliament just prior to last year’s general election. But this tax story hasn’t been buried like a murder writer’s latest victim. It’s simply sleeping, ready to reawaken in the near future. As writers, we need to start taking steps now.

Barry Kernon is a consultant at the top 25 accountants HW Fisher & Company. He and his team have been advising authors for many years, helping them manage their finances in the most efficient way possible. He says the digitisation of tax collection, and the completion of more frequent tax returns, is still on the cards.

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In the first issue of Writing Magazine for the New Year, we look at what's hot for 2018 as publishing insiders share their predictions for the year ahead. You can get your writing year off to a great new start with advice for all writers - whether you write crime, romance, fantasy, poetry, historical fiction or for children, we've got something in this issue to help and inspire you. • Our star interview is the queen of dynasty sagas, the great Barbara Taylor Bradford. • Keep up to date with the latest opportunities to sell your work and see it in print, and win £58,142 in writing prizes.

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