Quarterly tax returns - petition

[VectraMan]

Not one to put my head above the parapet, but with RTI, Quarterly billing for VAT and PAYE this does not seem much of an additional overhead, although I assume that quarterly updates will also me money being paid quarterly which is the driver for Hector to get a steady flow if income rather than a big hit once a year

WHS. For most of us it's just dividends so if the software is simple it'll be no issue. It'd probably be better if you made a submission when you paid a dividend rather than quarterly, though perhaps it's a good reason to pay your dividends quarterly and do the submission at the same time.

[BolshieBastard]

People are missing the point over quarterly tax returns. Its HMRC's objective to eventually migrate everyone to monthly tax billing. Moving to quarterly will just be a step in the process.

Meekly accept quarterly returns by all means but dont whinge when a few years after you're all told you'll now have to submit monthly returns and payments.

Wont bother me because I'll be back in retirement with my feet up. Hey ho!

[SimonMac]

I took it to be business returns - i.e. corp tax.

Business already do quarterly returns for VAT and PAYE, so adding CT will not be a big change

[mudskipper]

Business already do quarterly returns for VAT and PAYE, so adding CT will not be a big change

It will though - the year end accounts are a biggie - that's why most of us use accountants.

[SimonMac]

It will though - the year end accounts are perceived to be a biggie - that's why most of us use accountants.

FTFY

Then you will have 4 attempts a year to get it right

[SimonMac]

Joking a side I try to keep things as simple as possible, limit expenses to just the basics, not convoluted schemes or investments, no director loans etc.

For the majority of folkes on here who do the same doing a quarterly return will not be a big task, and I am sure accountants will happily take those up who do not have the time/inclination/will to do it themselves, if your accountant is making it hard work for you to do a year end with requests for submissions etc, how much extra work do you think it would be to do the whole thing yourself.

MyCo's books are usually updated in a few hours once a month, and the year end takes a day to prepare and another couple of hours to go through as a sanity check before submitting, the year end could go smoothly because I am looking at them every month so have a clearer understanding against someone who only does it once a year

[SueEllen]

Business already do quarterly returns for VAT and PAYE, so adding CT will not be a big change

You clearly don't read business news.

Loads of businesses don't make any or make very little profit in some quarters e.g. retail businesses, delivery firms. They rely on a couple quarters to make all or most of their yearly profits. This is why retailers have gone bust around Christmas.

If businesses end up having to pay quarterly on actual or on estimated yearly profit it will drive a lot out of business. As if you have a customer e.g certain well-known supermarkets, who take 90 or 120 days to pay their invoices the money won't be in the business until well after the return is submitted.

With VAT you can do cash accounting regardless of the scheme you are on so you only forward the money to the VAT man once you have collected it.

The government some how thinks they will get more money in, but all they will do is create more work for themselves with companies saying they can't pay with reasons why and most importantly anyone who runs a business.

[SimonMac]

You clearly don't read business news.

Loads of businesses don't make any or make very little profit in some quarters e.g. retail businesses, delivery firms. They rely on a couple quarters to make all or most of their yearly profits. This is why retailers have gone bust around Christmas.

If businesses end up having to pay quarterly on actual or on estimated yearly profit it will drive a lot out of business. As if you have a customer e.g certain well-known supermarkets, who take 90 or 120 days to pay their invoices the money won't be in the business until well after the return is submitted.

With VAT you can do cash accounting regardless of the scheme you are on so you only forward the money to the VAT man once you have collected it.

The government some how thinks they will get more money in, but all they will do is create more work for themselves with companies saying they can't pay with reasons why and most importantly anyone who runs a business.

I suppose the key will be when they expect payment, CT now gives you nine months after a submission, if this continues it won't be a problem and Hector will start getting money every three months, but I assume more companies will pay their CT in instalments anyway so few will leave it to the full time period, but more importantly they will know what they are expecting earlier.

[VectraMan]

If businesses end up having to pay quarterly on actual or on estimated yearly profit it will drive a lot out of business. As if you have a customer e.g certain well-known supermarkets, who take 90 or 120 days to pay their invoices the money won't be in the business until well after the return is submitted.

Yes but it's 9 months after the year end that you have to pay the CT. It's changing that that would cause the problem you describe, not the frequency of returns.

[VectraMan]

It will though - the year end accounts are a biggie - that's why most of us use accountants.

Only because they make it a biggie. With software there's no reason why it needs to be complicated at all.