Monthly reporting

Monthly reporting

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I understood that there was a plan to make self employed people to report their accounts to HMRC on a monthly basis as a way of dealing with the new benefit regime: The system where people are taxed so much that the government returns most of the money in the form of benefits!

I was thinking it would be a disaster. Then I read about FIFAs financial fair play system and how there's a reporting system for that.

It shouldn't be too difficult for accounting software to extract information from the bookkeeping and submit it to HMRC on a monthly basis. If people really didn't want to use accounting software then they could easily enter the information in HMRCs website.

I'm in favour of anything that encourages people to do monthly bookkeeping rather than wait 10 months after their year end!

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By andrew1211
11th Feb 2014 10:16

It won't happen, EVER!

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