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MTDITSA- it's a piece of cake

Not long to go, not much more to find out!!

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The ICAEW has just published a few of the questions that need to be resolved concerning MTD.  What I find amazing is the extent to which the various software houses have published their guidance on how to implement MTD for ITSA, as if everything is crystal clear.

The Institute lists:

the need for multiple agent functionality;

the design for businesses that have accounting dates that do not fall between 31 March and 5 April;

the design for income from jointly owned property;

the design for making adjustments and corrections, and exactly how the quarterly updates, annual adjustments, end of period statement and final declaration fit together in practice; and

whether HMRC, software developers, taxpayers and agents have the capacity to deliver MTD ITSA to the current timeline, given the limited nature of the pilot, lack of awareness and resistance to the additional cost involved.

Apparently, a general information campaign is likely coming soon from HMRC, and that will no doubt provoke a flurry of questions from our clients. What can we tell them when so much of the final detail is unknown. Software houses concentrate on the day to day process-generally suggesting bank feeds and cloud software provide the solution, but that is really only the beginning of the struggle  

 

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By MCV71
03rd Aug 2022 17:12

The software vendors are no better than snake oil salesmen.

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Replying to MCV71:
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By Paul Crowley
03rd Aug 2022 18:20

Needed to reread that
Thought you were referring to snake sunak

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Replying to MCV71:
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By Open all hours
03rd Aug 2022 19:21

100% agree. And to think they blew the chance to be our trustworthy professional partners. What an absolute waste and complete dereliction of duty.

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By Geoff56
03rd Aug 2022 18:01

Apparently, ICAEW's Tax Faculty understands that necessary supplementary guidance "will not be available for some time".

Says it all, really.

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Replying to Geoff56:
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By Paul Crowley
03rd Aug 2022 18:22

Loads of time to get it all fixed and tested
Or at least I hope so cos 2024 will come around quite quickly

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Replying to Geoff56:
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By David Ex
03rd Aug 2022 18:24

Geoff56 wrote:

Apparently, ICAEW's Tax Faculty understands that necessary supplementary guidance "will not be available for some time".

Says it all, really.

It does indeed! Especially when it will be touted as “simple”.

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By MCV71
03rd Aug 2022 20:50

7 years with barely any progress, but it will be ready by April 2024? Hilarious.

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Replying to MCV71:
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By Hugo Fair
03rd Aug 2022 22:14

Is it only a month since Rebecca reported on the four draft MTD ITSA Notices (i.e. the draft tertiary legislation just then published) at https://www.accountingweb.co.uk/tax/business-tax/mtd-itsa-clarifying-rep... ?

And has nothing really changed since then (i.e. HMRC still don't have any practical answers to the most basic of questions)? It sure hasn't!

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By SXGuy
04th Aug 2022 08:26

So far all clients who have asked about it are ones who's mates down the pub have said we gotta start reporting quartlerly but they seem to think it's from now and don't know much else about it.

So clearly some people are going around giving out wrong info to those who have heard about it while the rest are unaware of what's coming.

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