Nomad
Member
- Messages
- 1,407
- Location
- North Devon (for how long?)
I saw a mention last year that HMRC would be moving to a digital reporting system, and returns would have to be submitted quarterly.
Today I got sent a link with more details http://www.simplybusiness.co.uk/knowledg...eb19trades
I suspect the larger vat-registered businesses will already be prepared for the changes but anyone self employed may not be aware.
Key points for me (running a self employed business) are :
Provisional implementation date (non-vat registered and / or landlord) is April 2020 "at earliest".
All my records must be kept digitally, on approved software.
Data must be submitted automatically to HMRC system (no manual data entry), specialist software is premitted to convert from my data to HMRC format.
Returns must be submitted quarterly, any payment / overpayments will be calculated at the end of the year. I suspect penalties will be issued quarterly??
Notes :
While the government has estimated costs of £70 a year over four years for small businesses implementing Making Tax Digital, the Institute of Chartered Accountants in England and Wales puts it at £1,250.
HMRC list of approved software https://www.gov.uk/guidance/software-for...ax-updates
Am I the only person who didn't know the details had been confirmed for the new tax returns?
Today I got sent a link with more details http://www.simplybusiness.co.uk/knowledg...eb19trades
I suspect the larger vat-registered businesses will already be prepared for the changes but anyone self employed may not be aware.
Key points for me (running a self employed business) are :
Provisional implementation date (non-vat registered and / or landlord) is April 2020 "at earliest".
All my records must be kept digitally, on approved software.
Data must be submitted automatically to HMRC system (no manual data entry), specialist software is premitted to convert from my data to HMRC format.
Returns must be submitted quarterly, any payment / overpayments will be calculated at the end of the year. I suspect penalties will be issued quarterly??
Notes :
While the government has estimated costs of £70 a year over four years for small businesses implementing Making Tax Digital, the Institute of Chartered Accountants in England and Wales puts it at £1,250.
HMRC list of approved software https://www.gov.uk/guidance/software-for...ax-updates
Am I the only person who didn't know the details had been confirmed for the new tax returns?