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Does anyone
know the reason why the annual tax return needs to be phased out. After all it is the hub of SA. If SA is no longer needed we have to assume that HMRC will tell the tax payer what is due and go from there.
I certainly will need some sort of return so that I have all information in one place to enable me to advise client. I really don't want to have to go on to digital doodah all the time.
I really can't see how this is going to work smoothly. Sure IT people can do wonders but if the framework is wrong then we will all be up a gumtree.
they want to remove the tax return so that people, in time, will end up paying tax right away and not 9 months later.
That's ludicrous
So you make a profit in months 1+2 pay tax on that in month 3 then make a loss in month 4, claim that back. Monthly tax payments have never been a problem. A lot of my clients would prefer to pay on a monthly basis. In fact that is what CIS is. Can you imagine putting all business on CIS basis?