Reply to: No more annual tax return

[xoggoth]

Or maybe will be part automatic and part manual to cut down the unnecessary stuff. Beats me why I have to fill in details of state pension, the state should already have that info at least.

[xoggoth]

Note from that DT link it says:

HM Revenue and Customs will automatically collate the tax affairs of millions of Britons from employers, banks and investment firms into a single “digital” tax account which can be checked at any time online

But what about the people who earn money from occasional projects and, like my sister, are honest enough to declare it on the tax return? How will HMRC get that info automatically unless companies have to show every single payment they have made to anybody? Think we can geuss:

HM Revenue and Customs will automatically collate the tax affairs of millions of Britons from employers, banks and investment firms and everyone's personal bank accounts into a single “digital” tax account which can be checked at any time online

FTFY Osbourne!

[MicrosoftBob]

So this is the first step for all income to be made to an account linked to your UTR, then they DD you what's left after your deemed tax bill is calculated...

FTFY

[convict]

So this is the first step for all payments to be made to an account linked to your UTR, then they DD you what's left...

[SueEllen]

Yep, you can do that for most things including income tax, corporation tax and VAT. HMRC use total rolling figures to ensure amounts are paid..

You do know I was being vexatious. But I accept that its both a long, difficult word (well beyond your comprehension skills) and the concept is difficult to grasp (and beyond your mental capabilities)

Well now you are just being a

[eek]

It isn't an issue for corp tax as you can pay in more than one instalment and have been able to do so for years.

Yep, you can do that for most things including income tax, corporation tax and VAT. HMRC use total rolling figures to ensure amounts are paid..

You do know I was being vexatious. But I accept that its both a long, difficult word (well beyond your comprehension skills) and the concept is difficult to grasp (and beyond your mental capabilities)

[SueEllen]

Tax returns are abolished just announced.

[suityou01]

It isn't an issue for corp tax as you can pay in more than one instalment and have been able to do so for years.

It's still an issue for s obviously

[SueEllen]

HSBC's is £10k.... Which granted isn't an issue for quarterly VAT but is for Corporation Tax...

It isn't an issue for corp tax as you can pay in more than one instalment and have been able to do so for years.

[GlenW]

HSBC's is £10k.... Which granted isn't an issue for quarterly VAT but is for Corporation Tax...

So don't use HSBC.

[eek]

Santander's daily limit is £100k.

Meaning I'd need a quarterly VATable turnover of £500k to breach that limit.

If your company is turning over that much, what the f*** are you doing pissing about on here all day??

HSBC's is £10k.... Which granted isn't an issue for quarterly VAT but is for Corporation Tax...

[TheFaQQer]

So your turnover is so low that the quarterly VAT amount doesn't hit your banks daily transfer limits:

Santander's daily limit is £100k.

Meaning I'd need a quarterly VATable turnover of £500k to breach that limit.

If your company is turning over that much, what the f*** are you doing pissing about on here all day??

[eek]

So the benefit of the direct debit saves you having to remember to pay it. But you still have to remember to do the return. Got it. OK.

I just do the return, and pay it at the same time. Usually the last day it is due. Then no need for a direct debit. Viv la difference eh?

So your turnover is so low that the quarterly VAT amount doesn't hit your banks daily transfer limits:

[PerfectStorm]

There's always got be some bad news, hasn't there?

Speak for yourself - I'm legit! At least for the next couple of hours...

[GlenW]

clamping down on tax evasion and accountants that assist.

There's always got be some bad news, hasn't there?