Quarterly tax returns for SME's?

[SueEllen]

Hardly buried, digital accounts were one of the centerpieces of the AS. It will apply to individuals and landlords (with secondary incomes of more than 10k) as well as SMEs. They'll have to consult on the details. I can't imagine them getting away with anything too onerous.... famous last words.

The thing the government doesn't realise is that SMEs, freelancers and landlords aren't guaranteed to have continuous income at the same level.

[yakitoo]

It will not only cause a headache for SMEs but for HMRC - you have one quarter of work but then have 2 quarters of no work however you have tax deductible expenses so will have to claim it all back....

Payments to HMRC quarterly; refunds will probably be claimable annually (in arrears)

[SueEllen]

All very easy to do with our nice new digital accounts - assuming they can get the software to work.

Soon won't need accountants as all the account details can be entered directly on-line at your friendly HMRC website.

When they got the self-assessment forms, not even the computer system, to work HMRC were so proud of themselves....

[barrydidit]

£400 a month accountancy fees anyone? Let me guess, it'll be both 'simpler' and 'fairer'

[SueEllen]

I read that today in the Times.

Was very unimpressed as the system would not be able to cope.

I wish we had government ministers who actually had worked for a f***ing living as they wouldn't be suggesting this.

It will not only cause a headache for SMEs but for HMRC - you have one quarter of work but then have 2 quarters of no work however you have tax deductible expenses so will have to claim it all back....

[yakitoo]

Jesus wept. Apparently hidden in the depths of osborne's Autumn Statement and only just coming to light, is a proposal to introduce quarterly tax returns for all self employed, small, medium businesses etc by 2020.

Bring 'us' into line with big corps apparently. Hopefully I'll be back in retirement by then!

All very easy to do with our nice new digital accounts - assuming they can get the software to work.

Soon won't need accountants as all the account details can be entered directly on-line at your friendly HMRC website.

[jamesbrown]

Hardly buried, digital accounts were one of the centerpieces of the AS. It will apply to individuals and landlords (with secondary incomes of more than 10k) as well as SMEs. They'll have to consult on the details. I can't imagine them getting away with anything too onerous.... famous last words.

[BrilloPad]

I read it in the sun this morning at the local cafe. As if there is not enough red tape burden already. Another way in which the government favours big business.

I hope the sun will launch a campaign against the government. Its the only way they will listen. And may the Lord not punish me too harshly for saying those words.....

[BolshieBastard]

Jesus wept. Apparently hidden in the depths of osborne's Autumn Statement and only just coming to light, is a proposal to introduce quarterly tax returns for all self employed, small, medium businesses etc by 2020.

Bring 'us' into line with big corps apparently. Hopefully I'll be back in retirement by then!