Making Tax Digital
Discussion
Baroness Noakes and Baroness Kramer talking sense.
https://www.accountancydaily.co/mtd-heading-giant-...
https://www.accountancydaily.co/mtd-heading-giant-...
LeighW said:
Baroness Noakes and Baroness Kramer talking sense.
https://www.accountancydaily.co/mtd-heading-giant-...
Just checked, Theresa Middleton, in charge of the operation, joined hmrc on the graduate scheme. So no business experience at all. No doubt when it's all diluted or kicked into the long grass she will be moved sideways, gold plated pension etc. https://www.accountancydaily.co/mtd-heading-giant-...
I recently filed a quarterly VAT return via the function integral to the software package I've been using for over a decade. It was actually really easy.
Apparently, the function has been available for some time (over two years).
The software supplier is not in that list on HMRC though.
Just need to find an accountant who uses it now.
Apparently, the function has been available for some time (over two years).
The software supplier is not in that list on HMRC though.
Just need to find an accountant who uses it now.
Smiler. said:
I recently filed a quarterly VAT return via the function integral to the software package I've been using for over a decade. It was actually really easy.
Apparently, the function has been available for some time (over two years).
The software supplier is not in that list on HMRC though.
Just need to find an accountant who uses it now.
Most, if not all decent software packages have that functionality built in. The issue isn't for people using software packages already, but for people who keep manual books or spreadsheet records. However, there is a fairly simple solution for anyone who doesn't use software (as long as they can use a spreadsheet), and that is to use one of the many packages available that can lift the information from a spreadsheet and submit the return. As far as I understand, as long as that spreadsheet contains the figures for each of the nine boxes for the return, it will work. If they can't use a spreadsheet, then they either need to learn to, or, as will be the case with many, they will have to pay their accountant to do it for them.Apparently, the function has been available for some time (over two years).
The software supplier is not in that list on HMRC though.
Just need to find an accountant who uses it now.
HMRC claim that this MTD will reduce errors made that would occur when typing the figures in on their VAT portal. Of course, it would be just as easy to make an error when typing the figures into a spreadsheet, which does seem to underline the pointlessness of all this.
Obviously their long term aim is to be able to interrogate your software from the submission, but that is not in the current requirements, and would require legislation (I believe) to enable them to do this.
LeighW said:
Obviously their long term aim is to be able to interrogate your software from the submission, but that is not in the current requirements, and would require legislation (I believe) to enable them to do this.
Now that they have this right to your business data - they will eventually expect you to provide it to them frequently - at least every three months.
plasticpig said:
Rovinghawk said:
I'm currently in the process of deregistering from VAT as I don't want the complication and anticipated mission creep.
If you are registered for VAT on a voluntary basis (under the threshold) then nothing changes. You will still be able to use the old system.I'm safer just baling out.
plasticpig said:
If you are registered for VAT on a voluntary basis (under the threshold) then nothing changes. You will still be able to use the old system.
For one year only.I expect that some business that are technically over the £85,000 threshold will still continue to file the old way as long as they can as HMRC has no "in -year" meachanism to recognise if a trader will exceed the £85,000 on a VAT return by VAT return basis.
Eric Mc said:
For one year only.
I expect that some business that are technically over the £85,000 threshold will still continue to file the old way as long as they can as HMRC has no "in -year" meachanism to recognise if a trader will exceed the £85,000 on a VAT return by VAT return basis.
Do you have a link for that? I haven't seen any communication from HMRC giving a time frame limiting it to a year.I expect that some business that are technically over the £85,000 threshold will still continue to file the old way as long as they can as HMRC has no "in -year" meachanism to recognise if a trader will exceed the £85,000 on a VAT return by VAT return basis.
Eric Mc said:
The legislation is now in place. Effectively, HMRC now has an automatic right to see all the underlying data behind accounts and tax information. Previously they did not have an automatic right to this type of information. They had to go through a legal process to obtain permission to open a "Full Tax Enquiry" to get that type of detail. Not any more.
Now that they have this right to your business data - they will eventually expect you to provide it to them frequently - at least every three months.
I was referring to this quote:Now that they have this right to your business data - they will eventually expect you to provide it to them frequently - at least every three months.
plasticpig said:
I attended the HMRC developer launch event for the public beta. HMRC were asked a direct question about capturing transactional data. Their answer was that there are no plans do this and it would require legislation.
Edited by plasticpig on Wednesday 17th October 09:44
plasticpig said:
Do you have a link for that? I haven't seen any communication from HMRC giving a time frame limiting it to a year.
It is currently proposed that, from April 2020, CT and IT for businesses have to be submitted quarterly through MTD. The VAT first stage is really just a sop to those that objected to a big bang approach in April 2019. uknick said:
It is currently proposed that, from April 2020, CT and IT for businesses have to be submitted quarterly through MTD. The VAT first stage is really just a sop to those that objected to a big bang approach in April 2019.
I will happily put money on CT not being implemented in 2020. Self Assessment yes as the API appears to be reasonably complete and is currently in beta testing stage. LeighW said:
HMRC claim that this MTD will reduce errors made that would occur when typing the figures in on their VAT portal. Of course, it would be just as easy to make an error when typing the figures into a spreadsheet, which does seem to underline the pointlessness of all this.
So confused by all this - I have all these VAT boxes in my spreadsheet; that's what it does - it works them out... ! I then copy them to my current online submission portal. If I make a mistake and put the wrong figure in the wrong box it tells me that it doesn't make any sense!Been reading about go-between MTD apps that will, errr, port the numbers from those boxes into the new online system. That's MY job!!! Not paying £400 a year forever for that!!!!
What am I missing here...? Where is the revolutionary seismic gain and killing of errors?
Ken Figenus said:
So confused by all this - I have all these VAT boxes in my spreadsheet; that's what it does - it works them out... ! I then copy them to my current online submission portal. If I make a mistake and put the wrong figure in the wrong box it tells me that it doesn't make any sense!
Been reading about go-between MTD apps that will, errr, port the numbers from those boxes into the new online system. That's MY job!!! Not paying £400 a year forever for that!!!!
What am I missing here...? Where is the revolutionary seismic gain and killing of errors?
You don't need to pay £400 pa.Been reading about go-between MTD apps that will, errr, port the numbers from those boxes into the new online system. That's MY job!!! Not paying £400 a year forever for that!!!!
What am I missing here...? Where is the revolutionary seismic gain and killing of errors?
There are some free ones, but I like this best:
https://www.absoluteexcelvatfiler.co.uk/pages/abso...
NoVetec said:
One of the reasons ostensibly behind MTD is to counter money laundering. But surely the people who do that and lie currently 1-2 times a year will just lie several times a year instead?!
I think money laundering was more the excuse than the reason. MTD is about making sure that relatively law-abiding people aren't skimming a bit off. It's far easier collecting money from them than horrid terroristy people.Skimming a bit off just isn't worth it as the world of pain the other side for making a few quid is far worse. I actually had an investigation due to a dodgy accountant (he's currently eating porridge...) and I could look them in the eye on every question. They kept going though and I paid 'em £300 after 3 years investigation and as they prosecuted him. Clean as a whistle - other than that one typo!
Sleeping at night? Priceless!
Sleeping at night? Priceless!
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