I wonder how many people (small businesses, landlords etc) would switch their voting intentions to labour if Starmer & Reeves promised to scrap MTD ITSA completely?
Truth is it started as a bad idea and has only got worse with time and increased costs.
Been clear for several years now that the main reason for MTD is so that software suppliers can sell more software.
The emphasis on Cloud being that then they are selling software as a service with a regular income stream rather than a one off sale of a desktop package.
Still running 3 small family companies on QB 2012 desktop, have never bothered to update - if it aint bust etc and didn't use payroll function. Companies no longer trading so very few transactions, if/when QB does fall over I will move them over to excel.
If excel falls over I will be reduced to counting on my fingers - digital by default.
Could there be a market here for defunct but VAT registered businesses?
I have a small company I've been planning to deregister for VAT and PAYE and possibly dissolve.
It has a net 'not very much' balance sheet and no skeletons in closets.
Anyone needing a VAT registration in a hurry like to make me an offer for it?
I agree that the MPs can't actually do anything but if HMRC see that they have clearly been copied in they may be more likely to respond to you in priority to the other thousands of items of outstanding post.
Many years ago my son worked for a firm that went bust owing HMRC lots of tax, PAYE, NI, and the £ thousand plus in student loan deductions that they had taken from my son. The response from HMRC was - tough - we've not had the cash so we can't pay it over to the student loan company so your loan will not be reduced by the amounts deducted, you will have to claim in the liquidation.
I then consulted the liquidators and got the same response, tough, claim in the liquidation only you won't get anything as there are no assets.
When I wrote and explained the situation to my MP, that they were mandatory deductions through payroll which the employee had no choice over then the position miraculously changed and HMRC confirmed the lost money would be deducted from his outstanding student loan. I don't know whether this was a change in policy or if he was treated as a one off, seemed safer not to ask. But it was as a result of intervention from my MP.
I appreciate that this has been asked before but when did tax avoidance become illegal?
I'm of the generation that was taught that avoidance was legal tax mitigation and the illegal schemes were Tax Evasion.
Without that distinction we are on a slippery slope.
At what point does my IFA face a Stop Notice and possible prosecution because he points out to me the possible IHT savings from maximising my pension contributions and he then goes on to manage these SIPP investments for long term growth on the basis that they will be the funds that I'm least likely to draw on in retirement?
Presumably these figures don't include the small companies which the owners are trying to dissolve but are being prevented by HMRC because of outstanding bounce back loans?
I suspect that could be a fair few thousand.
Mmmm, like the 11,000 Chinese firms that apparently used one residential address in Cardiff to register for VAT, then commit wholesale fraud (Guardian 7 April).
Yes small businesses.
Yes tax evasion.
But could, should, this have been spotted at inception and prevented by even the most rudimentary identity and sanity checks by HMRC AI (or even a living breathing human)?? I suggest yes.
And the infamous Bounce Back Loans, an opportunity that, however well meant was inadequately thought out, enabling a multitude of fraudsters to register bogus companies and pocket £50K a time.
Again notionally small businesses and again something that could have been prevented if the powers that be took a bit more care with the taxpayers' money.
My answers
I wonder how many people (small businesses, landlords etc) would switch their voting intentions to labour if Starmer & Reeves promised to scrap MTD ITSA completely?
Truth is it started as a bad idea and has only got worse with time and increased costs.
Don't know where online you are looking but I'm looking at a 22/23 SA100 on my other screen right now - address
https://assets.publishing.service.gov.uk/government/uploads/system/uploa...
Been clear for several years now that the main reason for MTD is so that software suppliers can sell more software.
The emphasis on Cloud being that then they are selling software as a service with a regular income stream rather than a one off sale of a desktop package.
Still running 3 small family companies on QB 2012 desktop, have never bothered to update - if it aint bust etc and didn't use payroll function. Companies no longer trading so very few transactions, if/when QB does fall over I will move them over to excel.
If excel falls over I will be reduced to counting on my fingers - digital by default.
Could there be a market here for defunct but VAT registered businesses?
I have a small company I've been planning to deregister for VAT and PAYE and possibly dissolve.
It has a net 'not very much' balance sheet and no skeletons in closets.
Anyone needing a VAT registration in a hurry like to make me an offer for it?
I agree that the MPs can't actually do anything but if HMRC see that they have clearly been copied in they may be more likely to respond to you in priority to the other thousands of items of outstanding post.
Many years ago my son worked for a firm that went bust owing HMRC lots of tax, PAYE, NI, and the £ thousand plus in student loan deductions that they had taken from my son. The response from HMRC was - tough - we've not had the cash so we can't pay it over to the student loan company so your loan will not be reduced by the amounts deducted, you will have to claim in the liquidation.
I then consulted the liquidators and got the same response, tough, claim in the liquidation only you won't get anything as there are no assets.
When I wrote and explained the situation to my MP, that they were mandatory deductions through payroll which the employee had no choice over then the position miraculously changed and HMRC confirmed the lost money would be deducted from his outstanding student loan. I don't know whether this was a change in policy or if he was treated as a one off, seemed safer not to ask. But it was as a result of intervention from my MP.
Maybe start copying your MP in to all chaser emails to HMRC.
At least that would get someones's attention.
I appreciate that this has been asked before but when did tax avoidance become illegal?
I'm of the generation that was taught that avoidance was legal tax mitigation and the illegal schemes were Tax Evasion.
Without that distinction we are on a slippery slope.
At what point does my IFA face a Stop Notice and possible prosecution because he points out to me the possible IHT savings from maximising my pension contributions and he then goes on to manage these SIPP investments for long term growth on the basis that they will be the funds that I'm least likely to draw on in retirement?
Presumably these figures don't include the small companies which the owners are trying to dissolve but are being prevented by HMRC because of outstanding bounce back loans?
I suspect that could be a fair few thousand.
Mmmm, like the 11,000 Chinese firms that apparently used one residential address in Cardiff to register for VAT, then commit wholesale fraud (Guardian 7 April).
Yes small businesses.
Yes tax evasion.
But could, should, this have been spotted at inception and prevented by even the most rudimentary identity and sanity checks by HMRC AI (or even a living breathing human)?? I suggest yes.
And the infamous Bounce Back Loans, an opportunity that, however well meant was inadequately thought out, enabling a multitude of fraudsters to register bogus companies and pocket £50K a time.
Again notionally small businesses and again something that could have been prevented if the powers that be took a bit more care with the taxpayers' money.