[AuRavelling79]

If you won millions on the lottery would you carry on working too?   Or is working after retirement age really about affordability?

For me winning millions on the lottery is different from a 'normal' retirement.

It's more about social engagement and exercise to me.

I could get by - with no mortgage, live on state pension, property rental income (or selling property and using the proceeds) and private pension.

More so if I downsize or use the equity in my house.

Gradual reduction over 5 years works for me because I don't dislike my work.

[dazmond]

MTD is set to kick in at turnover of 20k. Starts at 50k, then 30k, then 20k.

But it's not rocket science. You basically have to submit 3 monthly earnings/expenses into bridging software for HMRC inspection 4 times a year then a final declaration at the end of the tax year. Yes it's more work but it won't take too much longer if you already use round software like cleaner planner for your round management

[dd]

MTD might not be so bad once you get used to it.

But you also have to store all receipts, paperwork etc in a digital format. For me at 61 and not being tech savvy, it is not something I look forward to.

My van is 20 years old so I expect to replace it in another couple of years if I decide to continue working.

I quite enjoy working so it is a strong possibility I will continue. I am tempted to live in a different part of the country though, so this would mean retiring if I move.

[dazmond]

MTD might not be so bad once you get used to it.

But you also have to store all receipts, paperwork etc in a digital format. For me at 61 and not being tech savvy, it is not something I look forward to.

My van is 20 years old so I expect to replace it in another couple of years if I decide to continue working.

I quite enjoy working so it is a strong possibility I will continue. I am tempted to live in a different part of the country though, so this would mean retiring if I move.

You don't suddenly stop learning something new once you get to 61 though do you?😄

You'll find it easier than you think once your familiar with it. I do agree it's going to be a pain at first though.

[dd]

I agree Daz, but I think it is stupid for the government to impose MTD. I am sure there are a lot of older self employed people like myself who will just not want to be bothered and either go cash in hand or more likely quit.

Just look at what happened yesterday with AWS. Having everything online and relying solely on data in a digital format, as hmrc is going to do, opens up a lot of potential problems.

[NBwcs]

I agree Daz, but I think it is stupid for the government to impose MTD. I am sure there are a lot of older self employed people like myself who will just not want to be bothered and either go cash in hand or more likely quit.

Just look at what happened yesterday with AWS. Having everything online and relying solely on data in a digital format, as hmrc is going to do, opens up a lot of potential problems.

I agree with the cash in hand  knock on effect. Small businesses of all sorts who wish to remain small or part time around the 20k cut off are
  bound to try and keep declared turnover under the threshold..

[dazmond]

I agree Daz, but I think it is stupid for the government to impose MTD. I am sure there are a lot of older self employed people like myself who will just not want to be bothered and either go cash in hand or more likely quit.

Just look at what happened yesterday with AWS. Having everything online and relying solely on data in a digital format, as hmrc is going to do, opens up a lot of potential problems.

It's just not possible to go 'cash in hand' anymore mate. Those days are gone im afraid. Increasingly less and less customers have any real cash on them to pay you.

[The Jester of Wibbly]

I agree Daz, but I think it is stupid for the government to impose MTD. I am sure there are a lot of older self employed people like myself who will just not want to be bothered and either go cash in hand or more likely quit.

Just look at what happened yesterday with AWS. Having everything online and relying solely on data in a digital format, as hmrc is going to do, opens up a lot of potential problems.

It's just not possible to go 'cash in hand' anymore mate. Those days are gone im afraid. Increasingly less and less customers have any real cash on them to pay you.

Yea Daz is correct.   With all these banks closing down it gets harder to deposit cash now.   I promote cashless now.   I don't take much cash now having moved to card payments