I note that one thing HMRC have listened to - there is no requirement for businesses to make and store invoices and receipts digitally, this is a welcome dose of common sense, its easy to code bank transactions quite another to have to attach electronic receipts.
Replies (11)
Please login or register to join the discussion.
The way MTD has gone, it really seems that at some point HMRC top brass were locked in a room with a selection of these spivvy Cloud software characters. The Cloud bunch in essence trawled out all the drivel they use to pump and dump their product lines, and HMRC fell for it hook line and sinker.
And no matter how much wiser counsel HMRC are given they just plough on regardless.
Have HMRC worked out yet that those in the first batch of MTD can dodge the draft simply by incorporating?
Have HMRC worked out yet that those in the first batch of MTD can dodge the draft simply by incorporating?
Cunning plan:
1. Introduce disincorporation relief, lull them all into believing that small clients can, if needed in future, be easily disincorporated so incorporation is not a trap.
2. Introduce MTD but delay for companies, thus encourage incorporations.
3. Now scrap disincorporation relief and make disincorporation really difficult and expensive. At the same time bring in very high taxes on dividends from close companies which makes being paid by salary prefereable.
Result; most of the self employed are now paid via PAYE, the cunning masterplan of HMRC has triumphed.
I'msorryIhaven'taclue wrote:
Have HMRC worked out yet that those in the first batch of MTD can dodge the draft simply by incorporating?
Cunning plan:
1. Introduce disincorporation relief, lull them all into believing that small clients can, if needed in future, be easily disincorporated so incorporation is not a trap.
2. Introduce MTD but delay for companies, thus encourage incorporations.
3. Now scrap disincorporation relief and make disincorporation really difficult and expensive. At the same time bring in very high taxes on dividends from close companies which makes being paid by salary prefereable.
Result; most of the self employed are now paid via PAYE, the cunning masterplan of HMRC has triumphed.
Shhhhhhhh. They may be listening.
WHAT ABOUT DELIVEROO UBER AND MOST OF THE GIG ECONOMY? WILL HMRC NOW INSIST ON COLLECTING PAYE FROM ALL PLUMBERS WHO WORK FOR PIMLICO PLUMBERS?
i dont think there is any plan AT ALL in MTD its just the latest hobby horse excuse to get rid of hmrc staff
mtd just doesnt make sense, it is an attempt maybe to close what hmrc is thinks is the tax gap(the different between whats earned and declared) for small business by categorising anyone with t/o over 10k!!!!!! as eligible for mtd in the same way that big corporates in the USA WITH THOUSANDS OF FINANCE STAFF AND ACCESS TO EXPENSIVE expertise report quarterly!
one minute they are streamlining NIC CLASS 2 COLLECTION! which makes sense the next minute they are placing a huge burden on all small business in MTD!!
If you listen to the Parliamentary committee meeting here:
http://www.parliamentlive.tv/Event/Index/4b2851b5-c546-4b5e-b098-1e5c6bd...
you will hear the lovely man Prof Richard Murphy (on our side) telling attendees just that.