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Post Info TOPIC: MTD ITSA announced for 2023-24


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MTD ITSA announced for 2023-24


It sort of half news as they were talking about this earlier this year. Taxpayers with a turnover in excess of 10K will have to use MTD software for that tax year and later. VAT registered businesses under the compulsory threshold will become compulsory in FY 2022

This is the relevant ministerial statement:

https://www.parliament.uk/business/publications/written-questions-answers-statements/written-statement/Commons/2020-07-21/HCWS400/



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Master Book-keeper

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Thanks for posting that John

The Gov seems fixated on it losing 8.5 billion in tax payer errors but doesn't take into account errors made that increase VAT revenue. I suspect that 8.5 billion is wide off the mark.



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John

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I don't know, but what I can say about ITSA is that it ends up with a more detailed submission. Hence, for example, if a sub-contractor wishes to claim for the tax prepaid via CIS details need to be provided of the payments that have been withheld by the name and code of the contractor. Hence it becomes possible for HMRC to reconcile things automatically.



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I am thinking about doing one of these online Q&A sessions about MTD ITSA. Is that something people would find useful? Many of the principles are the same regardless of which system people use.



-- Edited by johnhemming on Wednesday 22nd of July 2020 04:15:38 PM

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Master Book-keeper

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Yes I would be interested in that as well John. Let me know if any crop up.



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John

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here it is
www.eventbrite.co.uk/e/questions-and-answers-about-making-tax-digital-income-tax-and-vat-tickets-114522333382

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Guru

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I've signed up, thanks John

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Jenny

Responses are my opinion based on the information provided. All information should be thoroughly checked before being relied on.



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Glad to be of assistance. If there are questions people would particularly like to have detailed answers on then please tell me in advance. I have done a number of events via Zoom recently and it is quite good at enabling Q&A. Previously I have done streaming events which are not so easy to handle from a Q&A perspective.

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Master Book-keeper

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BudgetB wrote:

I've signed up, thanks John


Me too



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John

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And me, looking forward to it, thank you!

Eunice

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Eunice Cubbage



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If people need the details here they are. I will set the call up 5 mins before it starts so if people wish to check sound etc they can.


Topic: Questions and Answers about Making Tax Digital Income Tax and VAT
Time: Aug 13, 2020 11:00 AM London

Join Zoom Meeting
zoom.us/j/92847546164

Meeting ID: 928 4754 6164
Passcode: 058652
One tap mobile
+16699006833,,92847546164#,,,,,,0#,,058652# US (San Jose)
+19294362866,,92847546164#,,,,,,0#,,058652# US (New York)

Dial by your location
+1 669 900 6833 US (San Jose)
+1 929 436 2866 US (New York)
+1 253 215 8782 US (Tacoma)
+1 301 715 8592 US (Germantown)
+1 312 626 6799 US (Chicago)
+1 346 248 7799 US (Houston)
Meeting ID: 928 4754 6164
Passcode: 058652
Find your local number: zoom.us/u/adxDWDoElI

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Thanks John, very enlightening !

Can't wait to get going with it! (Not!)

Eunice


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Eunice Cubbage



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I was worrried a bit that there were no questions. However, I think I did cover all of the key issues.

I need to work out if people think these things are useful.

As you can see, however, because of the details in self assessment it can get quite difficult. However, a lot depends upon the way people go about dealing with it and there are easy ways of handling it and harder ones.

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Hi John
Thanks for doing the session. Unfortunately I had to leave the call (client having a meltdown!!) but even the bit I saw was useful :)

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Janet

They keep making the system idiot proof but then make bigger and better idiots!



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I have put it on youtube.
www.youtube.com/watch

I am wondering whether it is a good idea to have another session, but make it more of a discussion rather than a presentation followed by questions. (of which there were none this time).



-- Edited by johnhemming on Thursday 13th of August 2020 04:43:36 PM

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Guru

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Hi John,

Thanks for doing the session, it was very helpful. I was part way through writing a question - when you were talking about signing up a couple of clients early to get a feel for how it works in practical terms (which is a very sensible plan), I guess that to actually do that we will be constrained by whether our particular software providers are 'ready to go' at that point? Which software is going to submit the data (apologies if I missed this as was about five mins late), is it going to be a bookkeeping submit like MTD for VAT or is a tax return submit ie I use Taxfiler for instance for my tax returns?

I think as the date gets closer a group brainstorming session might be helpful to many people to come up with a practical plan on how they are going to approach things

Thanks



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Jenny

Responses are my opinion based on the information provided. All information should be thoroughly checked before being relied on.



Senior Member

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Its more like MTD for vat as the digital links will be expected.

What I was thinking was that it might be worth having a 15 minute online chat every so often, more driven by book keepers, but I would be happy to host this and potentially answer any technical questions.

It would be the sort of thing that people could have a cup of tea whilst participating in.




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Expert

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What sort of tea though. I'm drinking Peppermint & Liquorice at the moment.

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Steve


Guru

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15 min chats sound like a plan.

Steve - I'm all for peppermint tea but liquorice is just wrong...



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Jenny

Responses are my opinion based on the information provided. All information should be thoroughly checked before being relied on.



Senior Member

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When would be a good time to schedule this?

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Master Book-keeper

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johnhemming wrote:

I have put it on youtube.
www.youtube.com/watch


Arrgh, I missed the live one, I got an alert on my phone, but I was nowhere near a computer at the time. I'll catch up with the youtube recording as soon as I can and hopefully join in the chat, if it could be held off a week or two.

Plain old Tetleys for me, although Yorkshire Tea is a good brew as well.



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John

Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.



Senior Member

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No-one seems to be saying that 11am is a bad time. Hence what I will do is to put up an invite in this thread perhaps a couple of days before setting up a session so that people get sufficient notice. I will, however, this time encourage people to speak and not do a presentation.

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Senior Member

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I have set up a chat for 11am on Thursday. I will put this up again as a reminder on Thursday morning.

Vat Direct is inviting you to a scheduled Zoom meeting.

Topic: Bookkeeping chat
Time: Aug 27, 2020 11:00 AM London

Join Zoom Meeting
zoom.us/j/91272499114

Meeting ID: 912 7249 9114
Passcode: 832604
One tap mobile
+13126266799,,91272499114#,,,,,,0#,,832604# US (Chicago)
+13462487799,,91272499114#,,,,,,0#,,832604# US (Houston)

Dial by your location
+1 312 626 6799 US (Chicago)
+1 346 248 7799 US (Houston)
+1 669 900 6833 US (San Jose)
+1 929 436 2866 US (New York)
+1 253 215 8782 US (Tacoma)
+1 301 715 8592 US (Germantown)
Meeting ID: 912 7249 9114
Passcode: 832604
Find your local number: zoom.us/u/ayJI5wbR9



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Guru

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Hi John, unfortunately I wont be able to make this morning as the grandchild is in residence today, and whilst I'm sure she has many thoughts on MTD (at the knowledgeable age of 5) everyone else may not want to hear them!! Hope it goes well, and look forward to the next one.



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Jenny

Responses are my opinion based on the information provided. All information should be thoroughly checked before being relied on.

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