Four tax returns a year to be submitted electronically. What a boost to FreeAgent and the like, that is going to be. And it will end the January 31st deadline panic at accountancy offices too.
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Making Tax Digital
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Making Tax Digital
Public Service Posting by the BBC - Bloggs Bulls**t Corp.
Officially CUK certified - Thick as f**k. -
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I do effectively 12 electronic tax returns a year with PAYE. I never understand why they ask me to enter the same information they already have on the SA.
That doesn't include dividends of course, but if it's all coming from the same company why not roll that into the PAYE reporting? Wouldn't be hard, and then for most of us we wouldn't need to do an additional tax return at all.
Or is that too sensible?Will work inside IR35. Or for food.Comment
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Originally posted by VectraMan View PostI do effectively 12 electronic tax returns a year with PAYE. I never understand why they ask me to enter the same information they already have on the SA.
That doesn't include dividends of course, but if it's all coming from the same company why not roll that into the PAYE reporting? Wouldn't be hard, and then for most of us we wouldn't need to do an additional tax return at all.
Or is that too sensible?
Also not everyone has one source for their income stream. So if you are a higher rate tax payer say for the NHS but also do private work then you have two income streams."You’re just a bad memory who doesn’t know when to go away" JRComment
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Originally posted by VectraMan View PostI do effectively 12 electronic tax returns a year with PAYE. I never understand why they ask me to enter the same information they already have on the SA.
That doesn't include dividends of course, but if it's all coming from the same company why not roll that into the PAYE reporting? Wouldn't be hard, and then for most of us we wouldn't need to do an additional tax return at all.
Or is that too sensible?
It's basically what Gideon was talking about with the planned changes to personal tax returns over the coming years. Theory is you'll login to a portal, it'll already have your salary(/ies) as it knows them from RTI submissions, potentially interest received as banks will have made that data available, dividends too if they get to a situation where dividends are reported when they're paid, any personal pension contributions/gift aid donations may also be linked in, etc etc. You'll end up just skimming down it already pre completed then clicking submit, or flagging any potential errors.Comment
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Originally posted by Fred Bloggs View PostFour tax returns a year to be submitted electronically. What a boost to FreeAgent and the like, that is going to be. And it will end the January 31st deadline panic at accountancy offices too.Comment
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Originally posted by Jessica@WhiteFieldTax View PostAs it's four returns of income and expense, followed by a post year end adjustment by 31 January, I suspect the 31 January rush will still be there.'CUK forum personality of 2011 - Winner - Yes really!!!!Comment
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Originally posted by Jessica@WhiteFieldTax View PostAs it's four returns of income and expense, followed by a post year end adjustment by 31 January, I suspect the 31 January rush will still be there.Public Service Posting by the BBC - Bloggs Bulls**t Corp.
Officially CUK certified - Thick as f**k.Comment
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I think it should largely eliminate the 31 Jan rush for the simpler end of the market (and hence most "small" accountants). There shouldn't be much in the way of fancy year end adjustments, so the annual thing should largely be the sum of the 4 quarterly submissions. If the data's already been collected to deal with those, the annual one should be a breeze (famous last words).
Inevitably the more complex ones will be...more complex, but that shouldn't impact many of us on this forum, accountants or business owners.Comment
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