I must look like a right twonk. Every year this gets delayed. Been informing clients for years.
After the initial VAT MTD got delayed I gave up doing this. I dread to think how many hours I spent.
The power of Any Answers!
heh, anyone would think its a bit trickier to do than they thought.
Roll forward to March 2024, and I would imagine the hard launch will be softened markedly and it will be a very soft launch for a handful of customers with penalties suspended for 12 months at least.
The field of long grass for kicking the ball into is larger than I thought.
HMRC, just make it a system for VAT registered businesses. You'll be getting quarterly figures from businesses who already keep the records very up to date, and from the bigger businesses.
Any business with a turnover below the VAT threshold isn't going to adversely affect your forecast figures anyway.
Stop thinking of easy solutions to complex (non) problems
There is massive benefit from small landlords filing quarterly, its just HMRC dont know what they are.
Tch, what was I thinking of.
Is this possibly so it is introduced after the next election..... and to give enough time for HMRC to manage/mismanage their tax gap figures
I did wonder if this signals a spring election is on.
I think the timing of this relates to the change in FST. The FST cannot be criticised for this because she has only just got the job.
Been a long time since I read such a carp load of marketing twonk. HMRC are about as digitally advanced as a Casio calculator.
Oi! All my old Casio calculators (yeah I know, I think they breed in the dark recesses of my desk drawers) are still fully functional, unlike ...
My trusty Casio calculator is much more reliable than HMRC thank you
The late mummy SXGuy was well known in the accountancy world for using a casio calculator, all numbers had rubbed off, and would look at you while typing. Clients would look on in amazement as to how any figures were ever correct.
HMRC now saying there will be massive set up costs for traders
And continuing costs
And continuing costs will be bigger than the savings
Surely costs will be even more massive for traders as MTD will catch them out and close the tax gap
And MTD will increase the money being paid to Exchequer
But it's not cancelled yet.
Never look a gift horse in the mouth, time is very precious!
So the MTD sprint just turned into an MTD marathon. Welcome - yes, annoying - oh yes. It's like preparing a great feast for guests you don't really like, only for them to cancel last minute. The pros and cons will slowly come to mind, but for now I will be booking some well deserved MTD-free time off!