I am sure we would all love to pay no/little tax due to our views of how each government spends the money...but then I adhere to this because it is for the greater good....NHS/policing/benefits system etc....but apparently we are talking of people who are struggling to put food on the table of their families.....
It wouldn't surprise me if half the lords committee have been or are in schemes that this relates to.
I can only imagine the 'heartbreaking' stories....you know the ones....if I have to repay the loan i will lose my house! (whilst forgetting to mention that they have literally paid no tax for the past 10 years....althought they probably mention the large fees they have paid to scheme providers)
Retrospective in this situation is a matter of opinion....what repaying a loan you always 'intended' to repay....
oh Trethi, I can see your support for accountants....are you one?
...I thought it was the opposite way...that is the loan was 'genuinely' repayable but has not been in most cases (well until the Revenue changed their approach)...still alls well that ends well....loan needs to be repaid....if not a tax charge....can't see the problem.
compliance is dead...20 years since I first heard this....it was due to be completely gone by 2012....
Lets put it another way, the planet is dying, CO2 emissions are changing our world yet we are still years away from reducing the emissions from one of the main contributors (cars) to anywhere close to nil (and that's only for 'new' cars).
It comes down to 'want' and 'cost'....they are generally in conflict....HMRC 'want' it....but are not willing to pay for it!
eek 'basically a good thing'....how will it improve the quality and accuracy of clients records...what because it is on software rather than in excel or on a duplex book....?!
I fear Matt has never had to directly deal with anything the Revenue get involved in (shall we start with the 70+ exceptions/errors that mean we cannot submit an electronic tax return - and that's been with us for years!)
here's a novel idea - charge penalties like they do for speeding fines - the more you earn (the more tax at stake) the more you pay. Surely that would be fairer/more equitable?
Dash...thats what they did for years....of course they couldn't milk the low earning/tax refund individuals for penalties back then....
tax returns!!!!….I thought MTD assigned Tax Returns to the bin....perhaps they will be renamed 'penalty generating forms'...its the new growth area to clear the tax gap.
on a serious note they cannot properly deal with the one penalty a year....can you imagine the errors they will make under this system...but of course it will benefit the law abiding taxpayer
isn't it funny how life just runs through cycles....the answer to plastic....making the bottles returnable and a small payment in return (anybody born early in the 70s and before will recall a similar thing) - indeed the glass milk bottle which to be fair was on its last legs is now making a come back off the back of the push to reduce plastic.
So whilst the cloud maybe the answer for Gary and his buddies...the ever increasing threat of online viruses, hacking and date protection issues suggests that a stand alone computer with a spreadsheet may still yet make a major comeback (if we are to believe it is disappearing at near extinction rates).