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If this is a cashflow thing..
could we not simply change the pattern of POAs?
I actually think that this is driven by Universal Credit more than anything else!
Thanks: but there is insight closer to home
http://www.icaew.com/technical/information-technology/technology/providi...
Just been thinking
Could G.O. use this as a smoke screen, and abandon 4 Quarterly accounting submissions and demand say 2 or 3 Accounting returns have to be delivered every 12 months. As accountants we may feel we got away with 4 rather than thinking G.O. should be living in a padded bedroom.
Impact on work flow
I can see many taxpayers who do their own VAT Returns but get an accountant to do their annual Self-Assessment Tax Return deciding to try and save some money by doing their quarterly personal digital tax account submission themselves.
We know the government will simplify the process - they're already receiving information about taxed income and pension contributions direct so the taxpayer will soon be confined largely to declaring only gross income and expenses.
Therefore, I expect accountants across the board to lose a large chunk of clients who do their own VAT, once the changes come in.
And once sole traders are making quarterly submissions how much easier will it be for the government to freeze the VAT threshold and therefore increase the tax take through VAT?
Making it up as you go along
Funny how often a profession that ought to insist on evidence based conclusions defaults instead to just making things up rather than waiting for the facts. Engage with the reality not the fantasy.
Fantasy?
Funny how often a profession that ought to insist on evidence based conclusions defaults instead to just making things up rather than waiting for the facts. Engage with the reality not the fantasy.
What do you mean?
The profession is facing a crossroads, far bigger than the introduction of Self-Assessment because back then there wasn't the technology or a fundamental change to the tax rules.
There will be no facts, only a timetable and a collective crossing of the fingers that Digital Tax Accounts will not crash the system.
Some more information released by HMRC today
https://www.gov.uk/government/publications/making-tax-digital
Starts soon
https://www.gov.uk/government/publications/making-tax-digital
Thanks for heads up cstwragby.
All kicks off in April 2018.
Just when we get AE out of the way Quarterly (Real Time) reporting starts.
What joy!
ICAEW Tax Faculty requesting your views
Rebecca Benneyworth has an article on the ICAEW Tax Faculty on the proposed implementation and is asking for your views,
http://www.ion.icaew.com/Taxforum/post/Making-tax-digital---quarterly-re...
really?
Rebecca Benneyworth has an article on the ICAEW Tax Faculty on the proposed implementation and is asking for your views,
http://www.ion.icaew.com/Taxforum/post/Making-tax-digital---quarterly-re...
Rebecca's first question 1. Do you think your clients want to report quarterly to HMRC - it will after all give them much more control over their tax liabilities which will be calculated quarterly?
You cannot be serious, "oh yeah great, I'd love to do that"
@ NH
I assume that the tongue in cheek question is lost on you? Have you read the context?
context?
I assume that the tongue in cheek question is lost on you? Have you read the context?
Yes I have read the whole thing, the answers to the questions are self evident. My sarcasm was levelled more at GO/HMRC, (although in stating her desire to understand members views, Rebecca suggests she would actually like those questions answered as I presume she will report back to someone somewhere who wont care two hoots).
Does any other country operate a system like this? If so, how does it work and is it a success?
yes
Does any other country operate a system like this? If so, how does it work and is it a success?
In France deadlines are much shorter anyway (May deadline for Dec year end), but a small business can setup as an "Auto Entrepreneur" and they pay a flat rate tax/ni on turnover at the end of each quarter
Interesting watching the government petition on this rapidly climbing
Next to abolish stupid auto enrolment for say small employers. 25 or less full time staff perhaps?
We finalised what I think we some complicated returns today and consequently charged quite high fees but only as they took a long time to do and to confirm info, ask questions to get comfortable they were correct. The garbage about being and to submit this info to enable quarterly accounting is baffling.