Share this content

Will Trading Allowance carry on under MTD

Didn't find your answer?

Some way off yet but will the trading allowance continue once MTD for small and micro businesses is up and running. 

Replies (14)

Please login or register to join the discussion.

Stepurhan
By stepurhan
22nd Jun 2021 12:43

I would like to think so.

But MTD itself seems like a bad plan so who knows what they will do.

Thanks (1)
RLI
By lionofludesch
22nd Jun 2021 12:46

Who knows?

Thanks (0)
Replying to lionofludesch:
avatar
By Tax Dragon
22nd Jun 2021 13:11

Who cares?

Thanks (0)
Replying to Tax Dragon:
avatar
By Hugo Fair
22nd Jun 2021 13:56

Hey, those happy pills really work - huh?

Thanks (5)
By ireallyshouldknowthisbut
22nd Jun 2021 14:16

come now you don't think anyone has thought a tiny bit about any of this do you?

I believe "the computer" will just do it all and anyone who says otherwise is a mean old sour puss living in the past who doesn't understand the modern world.*

*Pretty much the official line of HMRC and the ICAEW

Thanks (1)
By Duggimon
22nd Jun 2021 15:36

Do you think council tax will carry on under MTD?
Do you think Sainsbury's will carry on under MTD?
Do you think Any Answers will carry on under MTD?
Do you think the moon will carry on under MTD?

Thanks (0)
Replying to Duggimon:
Stepurhan
By stepurhan
22nd Jun 2021 15:54

Duggimon wrote:
Do you think the moon will carry on under MTD?


No.

They have been trying to hide it from us, but MTD actually stands for "Moon Total Destruction!"

Thanks (0)
Replying to stepurhan:
avatar
By Tax Dragon
22nd Jun 2021 16:12

Also Moody Tax Dragon.

(Though I prefer two-letter TLAs.)

Thanks (1)
Replying to Duggimon:
avatar
By Plantsman
22nd Jun 2021 16:30

Not sure why you think my question is beneath you. As somebody who runs a small business I was interested to know if simplified tax would carry on but you obviously have more lofty concerns.

Thanks (0)
Replying to Plantsman:
avatar
By Leywood
22nd Jun 2021 16:36

Your crystal ball isn't working, so why would you think everyone else's would be?

Thanks (0)
Replying to Plantsman:
RLI
By lionofludesch
22nd Jun 2021 16:44

Plantsman wrote:

Not sure why you think my question is beneath you. As somebody who runs a small business I was interested to know if simplified tax would carry on but you obviously have more lofty concerns.

How would we know?

Try www.rishisunakweb/forum

Thanks (0)
Replying to Plantsman:
By Duggimon
22nd Jun 2021 17:09

I don't think it's beneath me, I just thought it was funny. Nobody has any idea what changes might happen between now and 2023, but I don't see why it should/could/would mean the end of a completely unconnected tax rule.

That answer had already been more or less given though so I was flexing my comedy muscles, I'm actually really funny?

Thanks (1)
avatar
By Tax Dragon
22nd Jun 2021 16:51

My guess: yes.

(Why would it not?)

Thanks (0)
avatar
By legerman
22nd Jun 2021 17:27

I can't see it being an issue.

I suspect the quarterly submissions will be akin to the profit and loss report, maybe with some additional balance sheet reporting if required, although I suspect not.

Once the final quarter has been submitted you'll then do a final tax return, that will take into account the balance sheet and cap exs AIA etc. I think you'll then tick the box to claim the £1000 allowance.

John Hemmings will probably know much more.

Thanks (0)
Share this content