Just been listening to the budget, it looks like business will have to upload their income/exp figures online monthly. Will this work in.out favour, as we will get more monthly clients rather than annual?
I assume that it will be in the treasury report that gets released later today
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
The question to ask is will smaller clients be able to afford it?
Also, where now things are spread out with clients how would we deal with filing for every client every month?
Be interesting to read whatt he treasury report says about this
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Shaun
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Just to jump in...at the end of this BBC report it seems to suggest that people can carry on submitting an annual paper return if they want to and it doesn't give a time limit for doing this? Bit confusing really given the headline on the article.
Just to jump in...at the end of this BBC report it seems to suggest that people can carry on submitting an annual paper return if they want to and it doesn't give a time limit for doing this? Bit confusing really given the headline on the article.
It does read a bit like monthly returns etc. which presumably the biggest impact would be on sole traders. This may be a good thing as it means more up to date records will need to be kept, possibly with a year end revision to 'tidy up'. Not sure how it will work in practice and, more importantly, affect the work we will be required to do.
If anything in my opinion it will probably increase business for us!
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I've read it as being able to update your tax affairs whenever you want, leaving it up to the individual when, and how often, they want to do it. In all the reports I've read there's been no hint at a requirement to update monthly.
AFAICS you will still be able to update once a year if you want.
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John
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I agree with what you have read, I guess its the bit from 2020 where small biz can link their software that might imply more regular updating. We will have to watch this space
