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Making Tax Digital: pilot (individual tax payers)

Practical Issues
Lootman
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Re: Making Tax Digital: pilot (individual tax payers)

#489754

Postby Lootman » March 28th, 2022, 2:28 pm

Charlottesquare wrote:But I do not now care, when all the nonsense got announced, and yet another change in the basis of assessment was proposed, I packed in private practice in late 2019 and suspect I will give up the day job as an in house FD before it all really bites re my employers (Partnerships and Limiteds)

Yes, and I do wonder how many people will cease to operate their businesses if this tax nonsense continues to expand its reach. I had given up being a landlord a few years ago anyway, but if I had not then I certainly would now, rather than deal with this nonsense.

Where it will get really interesting is if the taxman tries to force digital filing onto ordinary individual taxpayers. Might we then see an exodus of taxpayers to other jurisdictions as I imagine the taxman will never be able to impose this requirement on Brits living overseas. Which longer term will lead to a loss of revenue.

modellingman
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Re: Making Tax Digital: pilot (individual tax payers)

#489764

Postby modellingman » March 28th, 2022, 3:05 pm

Charlottesquare wrote:Whilst I am sure some people will be able to write spreadsheets to collect all such data quarterly , collate these annually and link the four quarters and the year end adjustments to whatever linking software becomes available ,I am not sure that many will manage this very well.


I suspect you are right.

Charlottesquare wrote:
But I do not now care, when all the nonsense got announced, and yet another change in the basis of assessment was proposed, I packed in private practice in late 2019 and suspect I will give up the day job as an in house FD before it all really bites re my employers (Partnerships and Limiteds)


Thank you for your reply. Enjoy retirement when the time comes.

modellingman

yorkshirelad1
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Re: Making Tax Digital: pilot (individual tax payers)

#508172

Postby yorkshirelad1 » June 18th, 2022, 8:19 pm

There is an article in today's (Sat 18 June 2022) Times about how HMRC is extending the scope of the MTD trail. The Times has a paywall, however the same information is available at e.g.
https://www.accountingweb.co.uk/tech/accounting-software/hmrc-takes-the-handbrake-off-mtd-itsa-pilot

and the information is on HMRC's site at:
https://www.gov.uk/government/publications/agent-update-issue-97/agent-update-issue-97#ITSA

yorkshirelad1
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Re: Making Tax Digital: pilot (individual tax payers)

#511734

Postby yorkshirelad1 » July 5th, 2022, 12:51 am

More on the march of the MTD and the pilot in Saturday's (2 July 2022) Telegraph
https://www.telegraph.co.uk/tax/tax-hacks/landlords-must-brace-yet-another-devastating-tax-blow/

Landlords must brace for yet another devastating tax blow. HMRC will soon require business owners to keep digital records.

pje16
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Re: Making Tax Digital: pilot (individual tax payers)

#511744

Postby pje16 » July 5th, 2022, 7:06 am

Yet another sensationalist piece of journalism
from the article
"I suspect that the true reasons are to save cost for HMRC"
What... shock horror, trying to save money.... what a scandal
Times move on...


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