Live blog: MTD ITSA announcement expected today
The full and final MTD ITSA regulations are expected to be published on HMRC's website today. Track the latest rumours and news throughout the day on AccountingWEB.
Replies (19)
Please login or register to join the discussion.
What is Dean Shepherd pouring over the MTD regs? And does he expect to help or hinder its vitality?
Humph. HMRC vanity project, regardless of whether it will work, or achieve anything. When did HMRC become more about vanity than compliance with the legislation.
Will it raise any more tax? No chance
Will it save us any time? No - far more time to pay the same tax.
Will it save HMRC any time? No - the extra support will be phenomenal, plus all the manual workarounds
Will it happens anyway? Yes.
It's DELAYED !!!!!!!!!
https://questions-statements.parliament.uk/written-statements/detail/202...
And right at the end ...
"The Government has also recently consulted on a reform of the complex basis period rules that govern how self-employed profits are allocated to tax years.
Many respondents said that the reform was a sensible simplification but asked for more time to implement the changes.
In recognition of these concerns, these changes will not come into effect before April 2024, with a transition year not coming into effect earlier than 2023.
The Government will respond to the consultation in due course providing the next steps."
When's the next General Election?
Delayed until 2024 for individuals, delayed until 2025 for partnerships.
Not sure where that leaves companies, 2030?
Shame memes can't be posted on here. We need the one with the old Rose from Titanic saying "It's been 84 years..."
HM Gov are Carp
The delay is the wrong way round
Partnerships are a tiny number and much more capable given that many already registered for VAT
The extra costs not significant and shared amongst several people
Or is it the case that HMRC cannot cope and have no partnerships in the pilot
I only have 8 partnerships and all of them could probably claim age and digitally excluded
So does this delay mean that they now have time to change the tax year-end to 31st March at the same time as changing the basis period rules. That would be a very welcome simplification.
HMRC has seen sense and delayed this.....
https://questions-statements.parliament.uk/written-statements/detail/202...
Indeed you did.... sorry I missed this.
Gold medal to you sir.....I'll have to settle for silver.
Or for those with longer memories (all the way back to 1968):
What goes up must come down
Spinning Wheel got to go 'round
Talkin' 'bout your troubles
It's a cryin' sin
Ride a painted pony
Let the Spinning Wheel spin
You got no money, you got no home
Spinning Wheel all alone
Talkin' 'bout your troubles and you
You never learn
Ride a painted pony
Let the Spinning Wheel turn
Good. I'm pleased with every year that it can be delayed, still wish it could be abandoned altogether though!
Seeing as the original idea was touted in 2015, it more or less is being cancelled. Sorry, delayed.....
Get In! Early retirement for 2024 is a possibility, before that would have been a struggle. Hopefully I can now retire before the world turns upside down (or at least downsize to the few clients I can reasonably steer through it).
Its the least I deserve after the last 18 months of 'limited service' (i.e. none) from HMRC and the flat spot I've gained on my head from constantly banging it against a brick wall. I suppose it's too much to also ask for HMRC to return to normal hours and service (as poor as that was, it was better than deafening silence).