SIX tax returns per year coming soon

chrismac1

It has become apparent that Making Tax Diabolical is even worse than previously advertised. Not one, not even 4 or 5, but SIX tax submissions in respect of each tax year.

Unbelievably crass and stupid drivel from HMRC.

Wayne_O_Mac

What a balanced and well-reasoned post.

Good work Chris, a credit to your profession as usual.

chrismac1

Anyone on here want to put their hands up and volunteer for six tax returns per year? I suppose the previous poster must be at the front of the queue.

alewin

chrismac1 wrote: »

Anyone on here want to put their hands up and volunteer for six tax returns per year? I suppose the previous poster must be at the front of the queue.

Count me in.
Twelve a year would be nice, one at the end of each month.

chrismac1

So for those people in the pilot HMRC are running for 2017-18 tax return which started today, here is the schedule for a sole trader with year ending 31 Mar 18:

Quarterly Submission 1 by 31 Jul 17
Quarterly Submission 2 by 31 Oct 17
Quarterly Submission 3 by 31 Jan 18
Quarterly Submission 4 by 30 Apr 18
End of period submission by 31 Jan 19
Final declaration by 31 Jan 19

Note that a 31 Mar year end is the only one where the end of period deadline and final deadline are the same date.

It should not have escaped your attention that if you are not in the pilot, your timetable is as follows:

Self-assessment tax return by 31 Jan 19

Clearly Wayne O Mac prefers the first option with the 6 submissions, but does anyone else?

theburningcat

Put it in your diary along with the quarterly VAT return and VAT MOSS return, annual confirmation statement and CT return, RTI filings, auto enrolments and PAYE payments - simples!

Then leave the diary behind and move somewhere with less tax and less tax headaches.

Tammykitty

theburningcat wrote: »

Put it in your diary along with the quarterly VAT return and VAT MOSS return, annual confirmation statement and CT return, RTI filings, auto enrolments and PAYE payments - simples!

Then leave the diary behind and move somewhere with less tax and less tax headaches.

At least these are at over £85k turnover


The new quarterly returns will be for anyone with over £10k turnover eventually


IMO - its far too much.


I don't know how farmers and construction workers will cope - its hard enough getting them to do a tax return once a year!

chrismac1

Only the idiots who work for HMRC think this can possibly work. MTD demonstrates clearly just how out of touch they are with reality. Also how arrogant they are - even ignoring House of Commons and House of Lords Select Committees, to name just two of the bodies that have trashed these plans.

pjcox2005

Whilst it's potentially too onerous a burden, quarterly would potentially mean people take more responsibility for their tax affairs, stay on top of it, and get in less of a muddle at year end where the records/information can be poor and dated.

chrismac1

I totally agree the last point. The problem is mandation - i.e. forcing people into this at gunpoint, or at least at the point of hefty fines every quarter. The other thing wrong with this is forcing people into software products, some of which have major weaknesses and / or are owned by companies with dodgy balance sheets.

Business owners should be free to use papyrus, so long as that results in complete and accurate records.

The other thing wrong with this is the state HMRC is currently in. There are mispostings and errors wherever you look in the HMRC database on every tax. it has never been a worse mess, the last thing it needs is data overload and all its best data staff working on this vanity project.

dori2o

chrismac1 wrote: »

It has become apparent that Making Tax Diabolical is even worse than previously advertised. Not one, not even 4 or 5, but SIX tax submissions in respect of each tax year.

Unbelievably crass and stupid drivel from HMRC.

Yet more drivel from this idiot.

Yet again you fail to acknowledge that this whole issue is legislated, planned and implemented by HM Treasury, not HMRC.