In fairness as someone who’s self employed.. it’s so easy to just not miss it..
I normally leave it till December or so to get some extra interest but I don’t get how people possibly forget.
BabbatheGUTT on
Such a British thing is the old penalty points system, welcome back to the 80’s.
PetersMapProject on
I am absolutely dreading this new Making Tax Digital malarkey.
The worst bit is the quarterly tax returns. It’s a highly seasonal business – 85% of our turnover happens in a 3 month period, and one of the deadlines will fall smack in the middle of the peak season when I literally don’t have time to deal with it.
The current January deadline falls in quiet season when I actually do have time to deal with it.
And apparently I’m going to have to download software, most of the options are ££££ when my free Google spreadsheet has worked fine for years, and probably buy a brand new laptop to run the compulsory software because my current, ancient, rarely used one is literally falling apart because the plastic cracked, and dedicate time to learning how to use it – I am in no way techy.
It’s going to be an absolute shitshow and there’s no benefit to it.
funfuse1976 on
What an awful system,purposely designed to catch people out to extract revenue out of them.
Midgemania on
Good. Now scrap the payments on account so I’m not on the hook for 200% of my income tax liability in a given year.
InformationNew66 on
“This threshold will be lowered each year, to £30,000 in 2027, and £20,000 in 2028.”
Having to do quarterly tax reports with MTD for £20 000 a year income is a joke.
8 Comments
Sounds like a better system than what we currently have!
Good.
Small businesses (the likes of sole traders are a form of small business) make-up 60% of the UK tax gap, that’s roughly £28bn [https://www.gov.uk/government/statistics/measuring-tax-gaps/1-tax-gaps-summary](https://www.gov.uk/government/statistics/measuring-tax-gaps/1-tax-gaps-summary)
In fairness as someone who’s self employed.. it’s so easy to just not miss it..
I normally leave it till December or so to get some extra interest but I don’t get how people possibly forget.
Such a British thing is the old penalty points system, welcome back to the 80’s.
I am absolutely dreading this new Making Tax Digital malarkey.
The worst bit is the quarterly tax returns. It’s a highly seasonal business – 85% of our turnover happens in a 3 month period, and one of the deadlines will fall smack in the middle of the peak season when I literally don’t have time to deal with it.
The current January deadline falls in quiet season when I actually do have time to deal with it.
And apparently I’m going to have to download software, most of the options are ££££ when my free Google spreadsheet has worked fine for years, and probably buy a brand new laptop to run the compulsory software because my current, ancient, rarely used one is literally falling apart because the plastic cracked, and dedicate time to learning how to use it – I am in no way techy.
It’s going to be an absolute shitshow and there’s no benefit to it.
What an awful system,purposely designed to catch people out to extract revenue out of them.
Good. Now scrap the payments on account so I’m not on the hook for 200% of my income tax liability in a given year.
“This threshold will be lowered each year, to £30,000 in 2027, and £20,000 in 2028.”
Having to do quarterly tax reports with MTD for £20 000 a year income is a joke.