I am confused about the mention of paying income tax and Class 4 - so does this mean that Making Tax Digital does not apply to landlords who do not pay Class 4?
But there is a sub category of those with more than £10,000 property income? are they only brought in to MTD if they also pay Class 4 on self employment?
I am not sure this is correct, so therefore does this mean that the first category will apply to landlords with turnover above the vat threshold???
I think its going to be very difficult to assist in advising and implementing making tax digital when it is presented in such an unclear way
Am Wondering is there any benefit to us in adopting payrolling of benefits early?
When is it likely to become statutory?
It seems like there will be additional payroll work involved in payrolling benefits which will not be cost effective in terms of saving time on an annual p11d which has just car, and possibly medical benefit. I think it is easier to gather year end information June/July for a P11d particularly in terms of car changes rather than having to keep up to date with changes on a real time basis.
My answers
Class 4 impact?
I am confused about the mention of paying income tax and Class 4 - so does this mean that Making Tax Digital does not apply to landlords who do not pay Class 4?
But there is a sub category of those with more than £10,000 property income? are they only brought in to MTD if they also pay Class 4 on self employment?
I am not sure this is correct, so therefore does this mean that the first category will apply to landlords with turnover above the vat threshold???
I think its going to be very difficult to assist in advising and implementing making tax digital when it is presented in such an unclear way
any benefit?
Am Wondering is there any benefit to us in adopting payrolling of benefits early?
When is it likely to become statutory?
It seems like there will be additional payroll work involved in payrolling benefits which will not be cost effective in terms of saving time on an annual p11d which has just car, and possibly medical benefit. I think it is easier to gather year end information June/July for a P11d particularly in terms of car changes rather than having to keep up to date with changes on a real time basis.