It sort of half news as they were talking about this earlier this year. Taxpayers with a turnover in excess of 10K will have to use MTD software for that tax year and later. VAT registered businesses under the compulsory threshold will become compulsory in FY 2022
The Gov seems fixated on it losing 8.5 billion in tax payer errors but doesn't take into account errors made that increase VAT revenue. I suspect that 8.5 billion is wide off the mark.
__________________
John
Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.
I don't know, but what I can say about ITSA is that it ends up with a more detailed submission. Hence, for example, if a sub-contractor wishes to claim for the tax prepaid via CIS details need to be provided of the payments that have been withheld by the name and code of the contractor. Hence it becomes possible for HMRC to reconcile things automatically.
I am thinking about doing one of these online Q&A sessions about MTD ITSA. Is that something people would find useful? Many of the principles are the same regardless of which system people use.
-- Edited by johnhemming on Wednesday 22nd of July 2020 04:15:38 PM
Glad to be of assistance. If there are questions people would particularly like to have detailed answers on then please tell me in advance. I have done a number of events via Zoom recently and it is quite good at enabling Q&A. Previously I have done streaming events which are not so easy to handle from a Q&A perspective.
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I was worrried a bit that there were no questions. However, I think I did cover all of the key issues.
I need to work out if people think these things are useful.
As you can see, however, because of the details in self assessment it can get quite difficult. However, a lot depends upon the way people go about dealing with it and there are easy ways of handling it and harder ones.
I am wondering whether it is a good idea to have another session, but make it more of a discussion rather than a presentation followed by questions. (of which there were none this time).
-- Edited by johnhemming on Thursday 13th of August 2020 04:43:36 PM
Thanks for doing the session, it was very helpful. I was part way through writing a question - when you were talking about signing up a couple of clients early to get a feel for how it works in practical terms (which is a very sensible plan), I guess that to actually do that we will be constrained by whether our particular software providers are 'ready to go' at that point? Which software is going to submit the data (apologies if I missed this as was about five mins late), is it going to be a bookkeeping submit like MTD for VAT or is a tax return submit ie I use Taxfiler for instance for my tax returns?
I think as the date gets closer a group brainstorming session might be helpful to many people to come up with a practical plan on how they are going to approach things
Thanks
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Jenny
Responses are my opinion based on the information provided. All information should be thoroughly checked before being relied on.
Its more like MTD for vat as the digital links will be expected.
What I was thinking was that it might be worth having a 15 minute online chat every so often, more driven by book keepers, but I would be happy to host this and potentially answer any technical questions.
It would be the sort of thing that people could have a cup of tea whilst participating in.
Arrgh, I missed the live one, I got an alert on my phone, but I was nowhere near a computer at the time. I'll catch up with the youtube recording as soon as I can and hopefully join in the chat, if it could be held off a week or two.
Plain old Tetleys for me, although Yorkshire Tea is a good brew as well.
__________________
John
Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.
No-one seems to be saying that 11am is a bad time. Hence what I will do is to put up an invite in this thread perhaps a couple of days before setting up a session so that people get sufficient notice. I will, however, this time encourage people to speak and not do a presentation.
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Hi John, unfortunately I wont be able to make this morning as the grandchild is in residence today, and whilst I'm sure she has many thoughts on MTD (at the knowledgeable age of 5) everyone else may not want to hear them!! Hope it goes well, and look forward to the next one.
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Jenny
Responses are my opinion based on the information provided. All information should be thoroughly checked before being relied on.
