Wood235

MTD & HMRC (Important)

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MTD  (Making Tax Digital)   Apparently, i have been informed by my accountant that HMRC Is changing things relating to VAT Reg'd business' very soon.

They are wanting Us/Accountants to have the appropriate software that links to their system. This could be expensive and small accountants may not have the number of clients that would make it viable for them to purchase this new set up.

Can anyone please throw any more light on this subject or give us any more inf please?

Thanks

Gary. 

 

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There was a thread about this a couple of weeks back mate, look back a few pages and you’ll find it. 

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Just now, EPV said:

There was a thread about this a couple of weeks back mate, look back a few pages and you’ll find it. 

Thread was ..MTD just what you need ....17th July....people generally don’t understand the implications.I asked my accountant to get me age related digitally challenged  dispensation from HMRC.He said I have got no chance !

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28 minutes ago, Wood235 said:

MTD  (Making Tax Digital)   Apparently, i have been informed by my accountant that HMRC Is changing things relating to VAT Reg'd business' very soon.

They are wanting Us/Accountants to have the appropriate software that links to their system. This could be expensive and small accountants may not have the number of clients that would make it viable for them to purchase this new set up.

Can anyone please throw any more light on this subject or give us any more inf please?

Thanks

Gary. 

 

is this for ltd companies ? 

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4 minutes ago, Arfur Dealy said:

is this for ltd companies ? 

It’s for everyone who pays VAT I think mate. 

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5 minutes ago, EPV said:

It’s for everyone who pays VAT I think mate. 

That’s right.It just means more people will fiddle more.

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5 minutes ago, Arfur Dealy said:

Been doing them for years, they are just stopping the paper return. It makes complete sense to be fair.

Our accountant also submits all our HMRC stuff on line.However my understanding is that MTD involves a lot more.I think HMRC want the ability to access from ‘the cloud’ your income and expenditure from last week and your quarterly VAT return will be like submitting annual accounts.It will probably be a disaster like Universal Credit,Free Schools ........and Find and Fund My Car.

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As if we are all not busy enough without doing unpaid tax collection work.. 

I do use quickbooks, its pretty easy to use. However I still make fuck ups as Im not a trained accountant..Infact I left school with zero qualifications, I did everything in my power to dodge double maths,  Academically Im thick as a submarine door. 

I hate the though of being dragged over the HMRC coals if I genuinely cocked up, I have always thought it odd how they can be Judge Jury and hang man. 

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4 hours ago, Arfur Dealy said:

Been doing them for years, they are just stopping the paper return. It makes complete sense to be fair.

Yes and no, yes they are stopping the ability to send in paper returns, and no they haven’t been doing it for years making tax digital is something completely new. 

Still amazed how little coverage this subject is getting. 

And nice try TV was worth a shot 

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5 hours ago, justina3 said:

Yes and no, yes they are stopping the ability to send in paper returns, and no they haven’t been doing it for years making tax digital is something completely new. 

Still amazed how little coverage this subject is getting. 

And nice try TV was worth a shot 

Justin, I’ve been doing my VAT and self assessment online for years. I chose not to be LTD, thus my initiauestion about companies. 

initial question 

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11 hours ago, trade vet said:

That’s right.It just means more people will fiddle more.

This.

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1 hour ago, Arfur Dealy said:

Justin, I’ve been doing my VAT and self assessment online for years. I chose not to be LTD, thus my initiauestion about companies. 

initial question 

So has most people so what softwear system have you chosen for coming April.

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I seem to recall our DMS/website provider saying that their system was compliant with this.... but I may be wrong ..... our accountant was going to speak to them to clarify... 

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56 minutes ago, whitestone679231 said:

I seem to recall our DMS/website provider saying that their system was compliant with this.... but I may be wrong ..... our accountant was going to speak to them to clarify... 

I seem to recall the same, hence why I'll probably ending up switching to them.

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A program which is HMRC compliant is needed, or some sort of conversion software, if you use MS Excel or similar. 

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There are a number of points that perhaps should be raised in regard to this matter, firstly this digital platform,beta, will role out in January next year for VAT accounting which is just the start as by 2020 the same platform will be used for all business tax accounting not just for corporations and limited companies but also self employed.

This, quite disingenuously, is being marketed (if marketed is the right word) more like secret squirrel , as making accounting for VAT and Tax easier, when it in fact will have considerable benefits to the HMRC to scrutinise all accounting submitted on this platform as it will require the linking of bank accounts and future real prospects of mandatory interfaces with purchase and sales ledgers and anything else decided along the way, I fear the fundamental objective is to invite big brother into the workplace to give unlimited scrutiny of business. If it was as it being portrayed "to simplify and stream line tax accounting" then why not simply stop all VAT charges and accounting to VAT registered businesses as this is needless because all that is charged is reclaimed, it is after all only a retail tax revenue stream for government coffers to waste at will.

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4 minutes ago, wayfwd said:

There are a number of points that perhaps should be raised in regard to this matter, firstly this digital platform,beta, will role out in January next year for VAT accounting which is just the start as by 2020 the same platform will be used for all business tax accounting not just for corporations and limited companies but also self employed.

This, quite disingenuously, is being marketed (if marketed is the right word) more like secret squirrel , as making accounting for VAT and Tax easier, when it in fact will have considerable benefits to the HMRC to scrutinise all accounting submitted on this platform as it will require the linking of bank accounts and future real prospects of mandatory interfaces with purchase and sales ledgers and anything else decided along the way, I fear the fundamental objective is to invite big brother into the workplace to give unlimited scrutiny of business. If it was as it being portrayed "to simplify and stream line tax accounting" then why not simply stop all VAT charges and accounting to VAT registered businesses as this is needless because all that is charged is reclaimed, it is after all only a retail tax revenue stream for government coffers to waste at will.

We cant always look at these things as a negative.

It might also mean that less inspections are carried out?

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I cannot think of a positive government tax related initiative can you? nothing wrong in being a optimist though, if it is founded on positive past experiences, you must be one of the lucky ones. 

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15 minutes ago, Del Boy said:

We cant always look at these things as a negative.

It might also mean that less inspections are carried out?

I see it totally different, the inspections in fact will be thousands time more as every business is now being inspected in real time instead of waiting for an inspection or your accounts throwing up something worth looking at. 

23 minutes ago, wayfwd said:

There are a number of points that perhaps should be raised in regard to this matter, firstly this digital platform,beta, will role out in January next year for VAT accounting which is just the start as by 2020 the same platform will be used for all business tax accounting not just for corporations and limited companies but also self employed.

This, quite disingenuously, is being marketed (if marketed is the right word) more like secret squirrel , as making accounting for VAT and Tax easier, when it in fact will have considerable benefits to the HMRC to scrutinise all accounting submitted on this platform as it will require the linking of bank accounts and future real prospects of mandatory interfaces with purchase and sales ledgers and anything else decided along the way, I fear the fundamental objective is to invite big brother into the workplace to give unlimited scrutiny of business. If it was as it being portrayed "to simplify and stream line tax accounting" then why not simply stop all VAT charges and accounting to VAT registered businesses as this is needless because all that is charged is reclaimed, it is after all only a retail tax revenue stream for government coffers to waste at will.

The beta platform has been in place for softwear suppliers for a while now, my accountant showed me the Xero version looks a right pain, of course HMRC are playing it as a time saving operation there no doubt going to be making a large fortune from this venture, one thing i was not aware was the linking to the bank accounts there is a section to fill in deposits and aged debtors balances but i havent seen or heard it linking to bank accounts, do you have any reference point or links i could see showing that requirement. 

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