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Making tax digital for the every small traders

Making tax digital for the every small traders

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the main problem / concern with making tax digital is the very small clients below VAT regitsration limit turnover perosonally i think they should be except from MTD but its not going to happen

HMRC believe that this sector causes the majority of errors and tax receipts are lower than expected from this sector But what reasoning is there for quarterly reporting for this sector ? HMRC has stated that they will not use quarterly data to instigate enquiries on any business I fail to see what purpose or merit there is in quarterly reporting for such samll businesses

Surely the best would be either

No quarterly reporting for these businesses however they are still obligated to file digital reports for the entire financial year to HMRC within 10 months of year end

Revenue get what they want wheres the problem??

 

 

 

 

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RLI
By lionofludesch
17th Feb 2017 09:38

I've been banging on about this for months.

Folk with small rental incomes, maybe a dozen transactions a quarter, are likely to be hardest hit by the admin costs - especially if they engage their accountants to file for them.

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By LAC47
17th Feb 2017 12:56

As presumably this type of client should qualify for Three Line Accounting, this should hopefully be very straightforward.

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By KimC
21st Mar 2017 01:43

Digital is the name of the game nowadays and you don't need to be equipped with a huge amount of finances to stay in the game. Even if you're a small time business just like me, I have some social media channels I'm accustomed to. Paying taxes should adhere to small time business as well as they also pay their tax. This is study I'm currently working on, thanks to http://rewardedessays.com/samples for the help in rewriting it.

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