We have seen that MTD ITSA was changed just so late in the day to make sure everyone came in on the same day. And a once off take of significant tax.
MTD VAT not the same as dates are still allowed to be spread
But logically that means that all companies will be required to use a 31st March year end date and catch up with those that use the honourable CT tax year. A Massive once off tax take compared to Income tax. I only have 14 Income tax date spead clients, The companies are 50% not in line, including mine.
The income tax payers all make payments on account if tax over £1,000
None of the companies do as they are too small. That will need to change if taxation is intended to be fair
There is precedent for this
Who remembers Boots taking over a pre 1965 company with the huge tax delay as a result?
(A comment for the old codgers amongst us)
Quarterly advance payments do currently exist for the bigger companies, yet no need for MTD to put that in place.
If this does not occur (ie HM GOV not wanting to annoy their friends in business) then why foist MTD on the lower income groups?
No MTD tag but two Receipt Bank tags