Could we just submit income figures on the quarterly submissions? I have never known HMRC apply penalties for failing to claim expenses. Income can often be captured from bank statements.
That would make the record gathering from most clients far simpler, especially mortgage interest from rental clients and materials/motoring from builders and subcontractors.
I only have two builder clients now as they are difficult to process, with petrol receipts left on the dashboard in the sunshine so that they are hardly legible and receipts for materials covered in cement dust and folded in to small wodges. Not easy to put these through digital receipt readers, definitely a job for a human with dexterous fingers, patience and experience. Once a year task, manageable with a bit of willpower, but not quarterly.
I have 2 dentist clients with student loans and we have not claimed the interest as a deduction. How can I obtain details of the interest, as opposed to the repayments of the loan itself? Would HMRC hold this information or do I need the dentist clients to check with the SLC directly?
'The agent can authorise the software to access the data feed"
Not sure what software you are referring to. I use Taxfiler for most clients and still use the HMRC online system for about 15 very straight forward clients but happy to shift everyone to Taxfiler.
Are you including Taxfiler in your reference to software?
My answers
Could we just submit income figures on the quarterly submissions? I have never known HMRC apply penalties for failing to claim expenses. Income can often be captured from bank statements.
That would make the record gathering from most clients far simpler, especially mortgage interest from rental clients and materials/motoring from builders and subcontractors.
I only have two builder clients now as they are difficult to process, with petrol receipts left on the dashboard in the sunshine so that they are hardly legible and receipts for materials covered in cement dust and folded in to small wodges. Not easy to put these through digital receipt readers, definitely a job for a human with dexterous fingers, patience and experience. Once a year task, manageable with a bit of willpower, but not quarterly.
Thank you, will do.
I have 2 dentist clients with student loans and we have not claimed the interest as a deduction. How can I obtain details of the interest, as opposed to the repayments of the loan itself? Would HMRC hold this information or do I need the dentist clients to check with the SLC directly?
Jennifer, not Janet!
'The agent can authorise the software to access the data feed"
Not sure what software you are referring to. I use Taxfiler for most clients and still use the HMRC online system for about 15 very straight forward clients but happy to shift everyone to Taxfiler.
Are you including Taxfiler in your reference to software?
Let's just say MTD should only apply to those born after 1990. The rest of you can carry on as you were. A nice gradual changeover.