Making tax digital
Discussion
Eric Mc said:
If you are part time self employed, you are still self employed so will still have to comply with MTD requirements.
Maybe I could have worded it better.I meant I could just reduce the amount of work I do, so that my income from self employment stayed below £10k, and just work 2 or 3 days a week.
Since my company pension is enough to pay the basic bills, and I'll have the state pension on top in 2 years, I really won't actually need to earn anything at all.
I could just make £120 a week profit, on £180 a week income, and that would pay for my hobby and leisure stuff.
If you can work it some way to keep out of MTD, that's fine.
I still think that the 5 April 2023 is too ambitious. In fact, I have always thought the whole project was lame brained.
It was originally supposed to have come in on 5 April 2018 and it fell flat on its face.
I don't expect 2023 will be significantly different.
I still think that the 5 April 2023 is too ambitious. In fact, I have always thought the whole project was lame brained.
It was originally supposed to have come in on 5 April 2018 and it fell flat on its face.
I don't expect 2023 will be significantly different.
I have always used Quickbooks to submit my making tax digital returns. For some reason this quarter's return isnt submitting properly and I am getting an error message - it seems to have been triggered by trying to submit over the weekend while there was an MTD outage. Ive called quickbooks support, who were unhelpful and sent me to HMRC who arent answering the phone. I'm supposedly off on holiday on Thursday until after my submission date - can anyone please suggest a possible workaround? I have the figures and I'm happy to pay the VAT due I just need to get them to HMRC!
thanks v much
Andrew
thanks v much
Andrew
williaa68 said:
I have always used Quickbooks to submit my making tax digital returns. For some reason this quarter's return isnt submitting properly and I am getting an error message - it seems to have been triggered by trying to submit over the weekend while there was an MTD outage. Ive called quickbooks support, who were unhelpful and sent me to HMRC who arent answering the phone. I'm supposedly off on holiday on Thursday until after my submission date - can anyone please suggest a possible workaround? I have the figures and I'm happy to pay the VAT due I just need to get them to HMRC!
thanks v much
Andrew
Every quarter I give my friendly accountant the 8 box figures and he uploads them. No charge.thanks v much
Andrew
Much like when I used to log on and do the same on the HMRC website.
Call one up and have a chat.
Yes - fools that we are, many of us are submitting MTD VAT returns on behalf of our clients.
However, in order to be able to do so, the accountant has to become the formal VAT MTD agent for the client., Any pre-existing HMRC agency (including one for submitting older style VAT returns) does not count. A new agency has to be applied for.
So, if you need to get a return submitted in a hurry, you'd better get in touch with your accountant fast.
However, in order to be able to do so, the accountant has to become the formal VAT MTD agent for the client., Any pre-existing HMRC agency (including one for submitting older style VAT returns) does not count. A new agency has to be applied for.
So, if you need to get a return submitted in a hurry, you'd better get in touch with your accountant fast.
Eric Mc said:
If you can work it some way to keep out of MTD, that's fine.
I still think that the 5 April 2023 is too ambitious. In fact, I have always thought the whole project was lame brained.
It was originally supposed to have come in on 5 April 2018 and it fell flat on its face.
I don't expect 2023 will be significantly different.
I don't normally quote myself but it looks like my prediction has come true - yet another deferrment.I still think that the 5 April 2023 is too ambitious. In fact, I have always thought the whole project was lame brained.
It was originally supposed to have come in on 5 April 2018 and it fell flat on its face.
I don't expect 2023 will be significantly different.
"Lucy Frazer, Financial Secretary to the Treasury, said:
“The digital tax system we are building will be more efficient, make it easier for customers to get tax right, and bring wider benefits in increased productivity. But we recognise that, as we emerge from the pandemic, it’s critical that everyone has enough time to prepare for the change, which is why we’re giving people an extra year to do so. We remain firmly committed to Making Tax Digital and building a tax system fit for the 21st century.” General partnerships will not be required to join MTD for ITSA until the tax year beginning in April 2025, while the date other types of partnerships will be required to join will be confirmed in the future. Martin McTague, national vice-chairman at the Federation of Small Businesses, said: "This move will provide millions of sole traders with a measure of breathing space and some encouragement in a climate beset by spiralling energy costs, supply chain disruption and high levels of debt." "
HMRC are also planning on completely changing the basis period for which sole traders and partnerships submit their annual profits for tax purposes. This is a massively radical change and will affect many, many businesses. This is on top of the MTD changes.
Pay attention folks, HMRC is dictating to us not only what we have to do, but how we have to do it. In other words, it is all on their terms only.
Pay attention folks, HMRC is dictating to us not only what we have to do, but how we have to do it. In other words, it is all on their terms only.
Eric Mc said:
If you can work it some way to keep out of MTD, that's fine.
I still think that the 5 April 2023 is too ambitious. In fact, I have always thought the whole project was lame brained.
It was originally supposed to have come in on 5 April 2018 and it fell flat on its face.
I don't expect 2023 will be significantly different.
Appears they have pushed the deadline for SA Taxpayers back another year to April 2024.I still think that the 5 April 2023 is too ambitious. In fact, I have always thought the whole project was lame brained.
It was originally supposed to have come in on 5 April 2018 and it fell flat on its face.
I don't expect 2023 will be significantly different.
Source
Dromedary66 said:
Avalara's free Excel add-in has been binned off.
Does anyone know of any other free ones?
Come on! You'll have to pay somewhere to get this done, especially if someone has had to sit down and develop it!!Does anyone know of any other free ones?
This is £1 per month https://vitaltax.uk
eps said:
Come on! You'll have to pay somewhere to get this done, especially if someone has had to sit down and develop it!!
This is £1 per month https://vitaltax.uk
You're not wrong.This is £1 per month https://vitaltax.uk
I should have googled a bit more before posting but found this add-in which worked perfectly.
https://go.anna.money/excel-add-in/
I'm helping someone with registering for this, they've been VAT registered for 10 years.
Is there any 'Free' software out there? Using a Mac too so another potential hurdle.
Deregistering is being considered, all of his current work is now dictated via IR35 so getting a bit cheesed-off with HMRC generating more work. Returns are already 'Digital' and have always been on time and correct!
So as someone who is now on PAYE, but not an employee (IR35), but is VAT registered but can't charge VAT, there appears no point being VAT registered? Especially given subscribing (cost and time) to a software company meaning more hassle for zero benefit. Trawling through hours of Youtube videos does not appeal for something so tedious and of no benefit!
Maybe I've already answered one of my own questions?
Thank you and sorry for the negativity.
Is there any 'Free' software out there? Using a Mac too so another potential hurdle.
Deregistering is being considered, all of his current work is now dictated via IR35 so getting a bit cheesed-off with HMRC generating more work. Returns are already 'Digital' and have always been on time and correct!
So as someone who is now on PAYE, but not an employee (IR35), but is VAT registered but can't charge VAT, there appears no point being VAT registered? Especially given subscribing (cost and time) to a software company meaning more hassle for zero benefit. Trawling through hours of Youtube videos does not appeal for something so tedious and of no benefit!
Maybe I've already answered one of my own questions?
Thank you and sorry for the negativity.
BlimeyCharlie said:
I'm helping someone with registering for this, they've been VAT registered for 10 years.
Is there any 'Free' software out there? Using a Mac too so another potential hurdle.
Deregistering is being considered, all of his current work is now dictated via IR35 so getting a bit cheesed-off with HMRC generating more work. Returns are already 'Digital' and have always been on time and correct!
So as someone who is now on PAYE, but not an employee (IR35), but is VAT registered but can't charge VAT, there appears no point being VAT registered? Especially given subscribing (cost and time) to a software company meaning more hassle for zero benefit. Trawling through hours of Youtube videos does not appeal for something so tedious and of no benefit!
Maybe I've already answered one of my own questions?
Thank you and sorry for the negativity.
FreeAgent might be a free option if they have a NatWest/RBS business bank account.Is there any 'Free' software out there? Using a Mac too so another potential hurdle.
Deregistering is being considered, all of his current work is now dictated via IR35 so getting a bit cheesed-off with HMRC generating more work. Returns are already 'Digital' and have always been on time and correct!
So as someone who is now on PAYE, but not an employee (IR35), but is VAT registered but can't charge VAT, there appears no point being VAT registered? Especially given subscribing (cost and time) to a software company meaning more hassle for zero benefit. Trawling through hours of Youtube videos does not appeal for something so tedious and of no benefit!
Maybe I've already answered one of my own questions?
Thank you and sorry for the negativity.
Dromedary66 said:
eps said:
Come on! You'll have to pay somewhere to get this done, especially if someone has had to sit down and develop it!!
This is £1 per month https://vitaltax.uk
You're not wrong.This is £1 per month https://vitaltax.uk
I should have googled a bit more before posting but found this add-in which worked perfectly.
https://go.anna.money/excel-add-in/
Hopefully this link will work. Accounting Web's Rebecca Cave has some important updates on where MTD for Income Tax (not VAT) is going.
The latest HMRC update is, if you are trading under the VAT registration threshold, you will be able to submit VERY simplified information to HMRC every three months.i.e. all you have to submit are three totals -
Sales
Expenditure
Profit
That's it.
So, the info HMRC gets with each submission is absolutely and totally useless to them.
One other clarification is that the quarterly periods are fixed (originally they had said that businesses could elect to chose quarterly periods that suited their business - as we already do for VAT returns). The quarterly periods will be statutorily set at 5 July, 5 October, 5 January and 5 April. The taxpayer can ELECT to submit quarterly returns on the actual calendar month so that would mean 30 June, 30 September, 31 December and 31 March.
If you are already VAT registered and submitting quarterly VAT returns to different month ends, you can continue to use those VAT quarters although that would mean you have two sets of quarterly submissions to make which don't end in the same quarters. Have fun with that.
https://www.accountingweb.co.uk/tax/business-tax/m...
The latest HMRC update is, if you are trading under the VAT registration threshold, you will be able to submit VERY simplified information to HMRC every three months.i.e. all you have to submit are three totals -
Sales
Expenditure
Profit
That's it.
So, the info HMRC gets with each submission is absolutely and totally useless to them.
One other clarification is that the quarterly periods are fixed (originally they had said that businesses could elect to chose quarterly periods that suited their business - as we already do for VAT returns). The quarterly periods will be statutorily set at 5 July, 5 October, 5 January and 5 April. The taxpayer can ELECT to submit quarterly returns on the actual calendar month so that would mean 30 June, 30 September, 31 December and 31 March.
If you are already VAT registered and submitting quarterly VAT returns to different month ends, you can continue to use those VAT quarters although that would mean you have two sets of quarterly submissions to make which don't end in the same quarters. Have fun with that.
https://www.accountingweb.co.uk/tax/business-tax/m...
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