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PLN, MTD and Cryptocurrency- Not all at once.

19th Mar 2019
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I am not a fan of HMRC.

VAT

I have had a VAT issue with one client who has been issued with a Personal Liability Notice for a Penalty for deliberately not registering for VAT despite the fact that he was not a Director for 33% of the period involved.

We have gone for a Review and are considering a Tribunal if the Review does not come down in his favour.

MTD

I have taken a relaxed view on MTD and am only now starting my MTD journey- better late than never.

I have decided to leave existing clients on Xero and the ghastly Kashflow as they are in the hopes that they will adequately file VAT Returns with HMRC.

For the others we will use spreadsheet plugin Vitaltax.

I will review it in June and then again in March next year.

 

Bitcoin et al

I have read HMRC's guidance on Cryptocurrencies.

They make no mention of Entrepreneur's relief for winding up a Company that has traded Cryptocurrencies. I am sure that we can argue this as I have had, in the past, clearance for HMRC for this treatment for Futures Trading 

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By JEJ
22nd Mar 2019 17:56

Thank you for the above. Updates on Vitaltax, particularly in June will be helpful. Trying to guide clients on bridging software is difficult for smaller firms. Some contributors on Accountingweb are noting what software they are using, but not how it has worked for them. Hopefully, more people will report as time goes on.

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