Making Tax Digital
Discussion
ninja-lewis said:
Explanations published in March:
http://data.parliament.uk/writtenevidence/committe...
http://data.parliament.uk/writtenevidence/committe...
Plenty of information out there if you actually bother to look for it.
I'd already read most of that and NONE of it stands up to any scrutiny.http://data.parliament.uk/writtenevidence/committe...
http://data.parliament.uk/writtenevidence/committe...
Plenty of information out there if you actually bother to look for it.
Why has EVERY SINGLE PARLIAMENTARY REVIEW of this intended system stated categorically that it is rushed, flawed, over complex and not costed correctly?
Why do YOU think it is so great when it patently is the largest disaster that will ever happen to the UK tax system?
This is not ME saying these things but EVERYBODY who isn't in the Treasury or HMRC.
Interesting developments in the MTD saga post election -
David Gauke, the minister responsible for implementing MTD has been moved over to Pensions. His replacement is Liz Truss, who has a very short time now to get up to speed on her brief. She has, in effect, been demoted from her previous position.
Jane Ellison, the Exchequer Secretary to the Treasury who is the day to day person between government and HMRC lost her seat. She's been replaced by Mel Stride - who is completely new to dealing with HMRC and the Treasury.
So, key people in the MTD team have been removed from the picture.
Another little factoid I picked up is that, we started this process assuming that MTD replaced the annual; tax return (as boasted about by George Osborne). It then became FOUR returns - one for each quarter.
It then became FIVE returns, four quarterlies plus and an annual reconciliation.
Now we know it will be SIX - four quarterlies, an annual reconciliation AND and an annual final declaration (effectively, the equivalent of the current Self Assessment tax return)
And, of course, if you have a number of different sources of income that needs to be returned quarterly, you can multiply the number of returns you need to submit by the number of separate income sources.
So - two sources of income (say sole trader and rental income), you have 11 submissions to make.
If you have three or more, you can expect to be spending a good chunk of your time submitting data to HMRC.
Have fun.
David Gauke, the minister responsible for implementing MTD has been moved over to Pensions. His replacement is Liz Truss, who has a very short time now to get up to speed on her brief. She has, in effect, been demoted from her previous position.
Jane Ellison, the Exchequer Secretary to the Treasury who is the day to day person between government and HMRC lost her seat. She's been replaced by Mel Stride - who is completely new to dealing with HMRC and the Treasury.
So, key people in the MTD team have been removed from the picture.
Another little factoid I picked up is that, we started this process assuming that MTD replaced the annual; tax return (as boasted about by George Osborne). It then became FOUR returns - one for each quarter.
It then became FIVE returns, four quarterlies plus and an annual reconciliation.
Now we know it will be SIX - four quarterlies, an annual reconciliation AND and an annual final declaration (effectively, the equivalent of the current Self Assessment tax return)
And, of course, if you have a number of different sources of income that needs to be returned quarterly, you can multiply the number of returns you need to submit by the number of separate income sources.
So - two sources of income (say sole trader and rental income), you have 11 submissions to make.
If you have three or more, you can expect to be spending a good chunk of your time submitting data to HMRC.
Have fun.
Eric Mc said:
Interesting developments in the MTD saga post election -
David Gauke, the minister responsible for implementing MTD has been moved over to Pensions. His replacement is Liz Truss, who has a very short time now to get up to speed on her brief. She has, in effect, been demoted from her previous position.
Jane Ellison, the Exchequer Secretary to the Treasury who is the day to day person between government and HMRC lost her seat. She's been replaced by Mel Stride - who is completely new to dealing with HMRC and the Treasury.
So, key people in the MTD team have been removed from the picture.
Another little factoid I picked up is that, we started this process assuming that MTD replaced the annual; tax return (as boasted about by George Osborne). It then became FOUR returns - one for each quarter.
It then became FIVE returns, four quarterlies plus and an annual reconciliation.
Now we know it will be SIX - four quarterlies, an annual reconciliation AND and an annual final declaration (effectively, the equivalent of the current Self Assessment tax return)
And, of course, if you have a number of different sources of income that needs to be returned quarterly, you can multiply the number of returns you need to submit by the number of separate income sources.
So - two sources of income (say sole trader and rental income), you have 11 submissions to make.
If you have three or more, you can expect to be spending a good chunk of your time submitting data to HMRC.
Have fun.
Liz Truss another PPE drone......yea that will do the trick . David Gauke, the minister responsible for implementing MTD has been moved over to Pensions. His replacement is Liz Truss, who has a very short time now to get up to speed on her brief. She has, in effect, been demoted from her previous position.
Jane Ellison, the Exchequer Secretary to the Treasury who is the day to day person between government and HMRC lost her seat. She's been replaced by Mel Stride - who is completely new to dealing with HMRC and the Treasury.
So, key people in the MTD team have been removed from the picture.
Another little factoid I picked up is that, we started this process assuming that MTD replaced the annual; tax return (as boasted about by George Osborne). It then became FOUR returns - one for each quarter.
It then became FIVE returns, four quarterlies plus and an annual reconciliation.
Now we know it will be SIX - four quarterlies, an annual reconciliation AND and an annual final declaration (effectively, the equivalent of the current Self Assessment tax return)
And, of course, if you have a number of different sources of income that needs to be returned quarterly, you can multiply the number of returns you need to submit by the number of separate income sources.
So - two sources of income (say sole trader and rental income), you have 11 submissions to make.
If you have three or more, you can expect to be spending a good chunk of your time submitting data to HMRC.
Have fun.
Eric Mc said:
Interesting developments in the MTD saga post election -
David Gauke, the minister responsible for implementing MTD has been moved over to Pensions. His replacement is Liz Truss, who has a very short time now to get up to speed on her brief. She has, in effect, been demoted from her previous position.
Jane Ellison, the Exchequer Secretary to the Treasury who is the day to day person between government and HMRC lost her seat. She's been replaced by Mel Stride - who is completely new to dealing with HMRC and the Treasury.
So, key people in the MTD team have been removed from the picture.
Another little factoid I picked up is that, we started this process assuming that MTD replaced the annual; tax return (as boasted about by George Osborne). It then became FOUR returns - one for each quarter.
It then became FIVE returns, four quarterlies plus and an annual reconciliation.
Now we know it will be SIX - four quarterlies, an annual reconciliation AND and an annual final declaration (effectively, the equivalent of the current Self Assessment tax return)
And, of course, if you have a number of different sources of income that needs to be returned quarterly, you can multiply the number of returns you need to submit by the number of separate income sources.
So - two sources of income (say sole trader and rental income), you have 11 submissions to make.
If you have three or more, you can expect to be spending a good chunk of your time submitting data to HMRC.
Have fun.
As if every sole trader in the country will be doing 6 returns a year! Rediculous it will be axed soon. David Gauke, the minister responsible for implementing MTD has been moved over to Pensions. His replacement is Liz Truss, who has a very short time now to get up to speed on her brief. She has, in effect, been demoted from her previous position.
Jane Ellison, the Exchequer Secretary to the Treasury who is the day to day person between government and HMRC lost her seat. She's been replaced by Mel Stride - who is completely new to dealing with HMRC and the Treasury.
So, key people in the MTD team have been removed from the picture.
Another little factoid I picked up is that, we started this process assuming that MTD replaced the annual; tax return (as boasted about by George Osborne). It then became FOUR returns - one for each quarter.
It then became FIVE returns, four quarterlies plus and an annual reconciliation.
Now we know it will be SIX - four quarterlies, an annual reconciliation AND and an annual final declaration (effectively, the equivalent of the current Self Assessment tax return)
And, of course, if you have a number of different sources of income that needs to be returned quarterly, you can multiply the number of returns you need to submit by the number of separate income sources.
So - two sources of income (say sole trader and rental income), you have 11 submissions to make.
If you have three or more, you can expect to be spending a good chunk of your time submitting data to HMRC.
Have fun.
Eric Mc said:
What makes you think that this overly complex and costly system will fix that problem?
HMRC has yet to demonstrate or explain in detail in what way they think making people submit at least FIVE returns every year (some will be submitting up to 20 - depending on their circumstances) will magically mean they will collect more tax.
More fines. HMRC has yet to demonstrate or explain in detail in what way they think making people submit at least FIVE returns every year (some will be submitting up to 20 - depending on their circumstances) will magically mean they will collect more tax.
Eric is not known for his alarmist nature and propensity to bleat 'We're all doomed' at every opportunity.
I am used to major changes in my field and also to some rather stupid ideas and allocations of responsibility that stretch logical reasoning to the maximum. I often adopt a wait and see but observe developments attitude to the more wild dreams.
This MTD thing has the potential to create the biggest HMRC centric car crash in generations. There will be years of b
hing and moaning and essentially it will take millions of pounds to refund or write off the penalties that they will impose before the inevitable U turn.
The good news is we will eventually all be used to it. Then they'll change it all again...
I am used to major changes in my field and also to some rather stupid ideas and allocations of responsibility that stretch logical reasoning to the maximum. I often adopt a wait and see but observe developments attitude to the more wild dreams.
This MTD thing has the potential to create the biggest HMRC centric car crash in generations. There will be years of b
hing and moaning and essentially it will take millions of pounds to refund or write off the penalties that they will impose before the inevitable U turn.The good news is we will eventually all be used to it. Then they'll change it all again...
The new Secretary to the Treasury, Mel Stride, has mad his first public comments on Making Tax Digital. It's all a bit vague -
Making Tax Digital is a key government initiative. Are we still on track for implementation in April 2018?
Before the election the government began piloting Making Tax Digital systems. This is still very early stage but we look forward to making further progress in the coming weeks and months.
What benefits will the Making Tax Digital initiative have for UK businesses?
Millions of businesses are already banking, paying bills, and interacting with each other and their customers online. Making Tax Digital has the potential to ensure that businesses to get a clearer picture of their tax liabilities in year, helping them to plan ahead. It also promises help businesses to get their tax right first time, reducing the worry that HMRC may need to intervene.
For those business that have limited digital capabilities, will the necessary support be offered in order to help them through the digitisation process?
The overwhelming majority of businesses recognise that going digital is the way forward and 93% of income tax payers already file their returns online. As someone with a business background, I am acutely aware of how important it is for businesses to receive the right support they need to deal with transitions of this kind. HMRC is fully committed to helping businesses and agents adapt to a more digital system. The Finance Bill will be presented in parliament shortly and will set out our plans in detail.
Making Tax Digital is a key government initiative. Are we still on track for implementation in April 2018?
Before the election the government began piloting Making Tax Digital systems. This is still very early stage but we look forward to making further progress in the coming weeks and months.
What benefits will the Making Tax Digital initiative have for UK businesses?
Millions of businesses are already banking, paying bills, and interacting with each other and their customers online. Making Tax Digital has the potential to ensure that businesses to get a clearer picture of their tax liabilities in year, helping them to plan ahead. It also promises help businesses to get their tax right first time, reducing the worry that HMRC may need to intervene.
For those business that have limited digital capabilities, will the necessary support be offered in order to help them through the digitisation process?
The overwhelming majority of businesses recognise that going digital is the way forward and 93% of income tax payers already file their returns online. As someone with a business background, I am acutely aware of how important it is for businesses to receive the right support they need to deal with transitions of this kind. HMRC is fully committed to helping businesses and agents adapt to a more digital system. The Finance Bill will be presented in parliament shortly and will set out our plans in detail.
Eric Mc said:
...
Millions of businesses are already banking, paying bills, and interacting with each other and their customers online. Making Tax Digital has the potential to ensure that businesses to get a clearer picture of their tax liabilities in year, helping them to plan ahead. It also promises help businesses to get their tax right first time, reducing the worry that HMRC may need to intervene.
...
I'd forgotten just how charitable HMRC was. My views of them are now changed for good and I will be happy in the knowledge that they will never now feel the need to intervene.Millions of businesses are already banking, paying bills, and interacting with each other and their customers online. Making Tax Digital has the potential to ensure that businesses to get a clearer picture of their tax liabilities in year, helping them to plan ahead. It also promises help businesses to get their tax right first time, reducing the worry that HMRC may need to intervene.
...
What a load of arse
With only months to go before implementation, HMRC still can't make it's mind up what type of penalty regime will be part of MTD -
In a new consultation, the government set out three possible models to penalise late payments and submissions with a plan to implement one:
Model A: a revised version of the points-based model proposed in the last consultation, where a penalty would be charged when a certain points threshold is reached (similar to driving offence points).
Model B: a regular, automated review over a set period of time with points being given subject to compliance history.
Model C: Suspensions of penalties – the taxpayer can avoid a penalty if they provide the late submission within a specified time.
In a new consultation, the government set out three possible models to penalise late payments and submissions with a plan to implement one:
Model A: a revised version of the points-based model proposed in the last consultation, where a penalty would be charged when a certain points threshold is reached (similar to driving offence points).
Model B: a regular, automated review over a set period of time with points being given subject to compliance history.
Model C: Suspensions of penalties – the taxpayer can avoid a penalty if they provide the late submission within a specified time.
Murph7355 said:
Freudian slip there with (a), Eric? ("ruin")
If government simplified the tax code and taxed more reasonably they wouldn't need a multi billion pound system that will never work and will cause more issues than it solves...
Perhaps if they taxed everyone at 25% across the board (or whatever the correct %age is) after a tax free amount they could dump the whole of HMRC as not required If government simplified the tax code and taxed more reasonably they wouldn't need a multi billion pound system that will never work and will cause more issues than it solves...
TX.
Terminator X said:
The post above by ninja-lewis makes me want to get "off grid" although the chances of that these days are small and reducing ...
TX.
I was particularly reassured by HMRC's interest in my security the last time I called. All I had to do was repeat a few lines a couple of times, for my own security and convenience you understand, and they could merrily link my voice recognition to my NI number.TX.
Unfortunately I didn't have time for it this time around (the software doesn't appear to accept f
k you as a suitable replacement for the given text), but I'm thinking of sending them my dna, iris scan, fingerprints and left bk for my own security and convenience... Eric Mc said:
Interesting developments in the MTD saga post election -
David Gauke, the minister responsible for implementing MTD has been moved over to Pensions. His replacement is Liz Truss, who has a very short time now to get up to speed on her brief. She has, in effect, been demoted from her previous position.
Jane Ellison, the Exchequer Secretary to the Treasury who is the day to day person between government and HMRC lost her seat. She's been replaced by Mel Stride - who is completely new to dealing with HMRC and the Treasury.
So, key people in the MTD team have been removed from the picture.
Another little factoid I picked up is that, we started this process assuming that MTD replaced the annual; tax return (as boasted about by George Osborne). It then became FOUR returns - one for each quarter.
It then became FIVE returns, four quarterlies plus and an annual reconciliation.
Now we know it will be SIX - four quarterlies, an annual reconciliation AND and an annual final declaration (effectively, the equivalent of the current Self Assessment tax return)
And, of course, if you have a number of different sources of income that needs to be returned quarterly, you can multiply the number of returns you need to submit by the number of separate income sources.
So - two sources of income (say sole trader and rental income), you have 11 submissions to make.
If you have three or more, you can expect to be spending a good chunk of your time submitting data to HMRC.
Have fun.
would it be possible to make the extra workload billable to hmrc eric ? how the hell do they expect sole traders with multiple business interests to keep on top of all that while maintaining the same effort in actually running the businesses in the first place ?David Gauke, the minister responsible for implementing MTD has been moved over to Pensions. His replacement is Liz Truss, who has a very short time now to get up to speed on her brief. She has, in effect, been demoted from her previous position.
Jane Ellison, the Exchequer Secretary to the Treasury who is the day to day person between government and HMRC lost her seat. She's been replaced by Mel Stride - who is completely new to dealing with HMRC and the Treasury.
So, key people in the MTD team have been removed from the picture.
Another little factoid I picked up is that, we started this process assuming that MTD replaced the annual; tax return (as boasted about by George Osborne). It then became FOUR returns - one for each quarter.
It then became FIVE returns, four quarterlies plus and an annual reconciliation.
Now we know it will be SIX - four quarterlies, an annual reconciliation AND and an annual final declaration (effectively, the equivalent of the current Self Assessment tax return)
And, of course, if you have a number of different sources of income that needs to be returned quarterly, you can multiply the number of returns you need to submit by the number of separate income sources.
So - two sources of income (say sole trader and rental income), you have 11 submissions to make.
If you have three or more, you can expect to be spending a good chunk of your time submitting data to HMRC.
Have fun.
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