registerme
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Post by registerme on Nov 10, 2021 10:33:35 GMT
I went to a conference last night where I got a whiff of this, and it seems there's some substance to it.
From April 2023 it is intended that everybody will have to file quarterly personal assessments along with a fifth final annual summation, and this will have to be done by way of "software" (or the "software" of your accountant). HMRC's intent is that this software will be free, though I am unconvinced that the providers will necessarily agree to this.
I guess it's easier to go after the guy who gigs for Uber Eats to deliver your pizza than it is to go after Google.
Ho hum.
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archie
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Post by archie on Nov 10, 2021 10:48:04 GMT
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james100
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Post by james100 on Nov 10, 2021 10:51:18 GMT
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pikestaff
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Post by pikestaff on Nov 10, 2021 10:56:24 GMT
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registerme
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Post by registerme on Nov 10, 2021 11:49:45 GMT
Thanks all, that fleshes things out some.
Still, ugh, a hassle.
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cb25
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Post by cb25 on Nov 10, 2021 12:37:40 GMT
"You must use Making Tax Digital (MTD) for Income Tax from 6 April 2024 if you:
are registered for Income Tax Self Assessment
have a qualifying income of more than £10,000" ... "Your qualifying income is your total income in a tax year from self-employment and property"
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registerme
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Post by registerme on Nov 10, 2021 13:23:05 GMT
"You must use Making Tax Digital (MTD) for Income Tax from 6 April 2024 if you:
are registered for Income Tax Self Assessment
have a qualifying income of more than £10,000" ... "Your qualifying income is your total income in a tax year from self-employment and property"
So is that an implied AND, or an implied OR, between those two statements?
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Post by Deleted on Nov 10, 2021 14:59:42 GMT
This has long been a strategy of HMRC, a mate went to the first presentation where he stood up and listed the sorts of people who these rules would not work for, it went on for 20 minutes at which point the presenters were stunned into silence.
After all what we need in an entrepreneurial world-beating society is more tax focus
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cb25
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Post by cb25 on Nov 10, 2021 15:06:50 GMT
"You must use Making Tax Digital (MTD) for Income Tax from 6 April 2024 if you:
are registered for Income Tax Self Assessment
have a qualifying income of more than £10,000" ... "Your qualifying income is your total income in a tax year from self-employment and property"
So is that an implied AND, or an implied OR, between those two statements? I've just re-read the website and it's not clear.
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djpix99
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Post by djpix99 on Nov 10, 2021 15:55:07 GMT
Hi,
Currently I use a spreadsheet and transfer the figures into my self-assessment. The 3rd party tax website reads as though this may still be possible, what's peoples thoughts?
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pikestaff
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Post by pikestaff on Nov 10, 2021 15:59:40 GMT
So is that an implied AND, or an implied OR, between those two statements? I've just re-read the website and it's not clear. It must be AND, because (as is crystal clear from the other link) the only taxpayers to whom this change will apply are those meeting the second condition.
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pikestaff
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Post by pikestaff on Nov 10, 2021 16:04:30 GMT
Hi, Currently I use a spreadsheet and transfer the figures into my self-assessment. The 3rd party tax website reads as though this may still be possible, what's peoples thoughts? If you mean the Ross Martin link, they say: "Your spreadsheet will now have to link to HMRC to allow quarterly reporting. Software will become available to do this as the software market grows. Depending on the results of its test pilots, HMRC may allow you to manually enter your quarterly figures." That's probably all that can be said for the moment.
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registerme
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Post by registerme on Nov 10, 2021 16:18:20 GMT
I've just re-read the website and it's not clear. It must be AND, because (as is crystal clear from the other link) the only taxpayers to whom this change will apply are those meeting the second condition. That seems sensible, thanks.
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james100
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Post by james100 on Nov 10, 2021 17:50:41 GMT
From one of the above HMRC links:
Who is affected
This measure is expected to have an impact on approximately 4.2 million unincorporated businesses, individuals and civil society organisations with trading and/or property income over £10,000.
The Government recognises that the population that will be affected is diverse. This includes around 2.6 million self-employed individuals, around 1 million landlords, over 250,000 ordinary partnerships, and about 380,000 businesses with income from different sources (for example, both self-employment and property).
Business incomes also vary throughout the affected populations. Based on 2018/19 Return data 3.4 million of those businesses and individuals mandated for MTD ITSA have business and / or property income between £10,000 and £50,000, 460,000 between £50,000 and the VAT threshold and 350,000 above the VAT threshold.
<end>
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