5 tax submissions every year
Recently I have come across many people – in and out of the tax profession – who do not fully grasp this crucial aspect of the “Making Tax Digital” change (see earlier posts here for more background on this).
Under MTD some people will be required to file four “in year returns” PLUS an end of year declaration.
So that’s FIVE submissions every year.
If VAT registered the 4 VAT returns will continue to be required, as now, along with intrastat returns if you trade with countries in the EU (no change because of BREXIT yet).
If a business has any employees under PAYE then the usual 12 FPS returns and up to 12 EPS returns will also be required.
Rumour for immanent Budget speech in a few days …. the 31st January deadline we have all grown to know may be brought forward to 31st December.
Before too long you will have no time to actually run your business or your life ….. you will be spending all your time preparing and filing data demanded various government departments by various deadlines or suffer fines & penalties.
As always do call us if you need help or clarification with any of this looming MTD disaster.
Taxaccount; views from the village. 