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Wight Flight

And you thought GDPR was bad

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So we have just got the hang of GDPR and auto enrollment pensions.

And now this ..

https://www.accountancyage.com/2018/02/19/guide-making-tax-digital-businesses/

MTD for VAT

From April 2019, businesses that are registered for VAT and have turnover above the VAT registration threshold of £85,000 will be required to keep digital records for VAT purposes and submit their VAT return to HMRC through MTD compatible software.

Businesses will need to keep the following information as digital records:

  • Business name, principle place of business and VAT registration number (to also include the VAT accounting scheme used by the business)
  • The VAT account showing the audit trail between primary records and the VAT return
  • Details about supplies made and received

Businesses will need to submit their VAT returns using compatible software, which will pull information from the digital records.

Digital records will need to be preserved for up to six years.

I honestly wonder how the average bod has got a hope in hell of keeping up with all of this stuff.

:PissedOff:

Edited by Cunning Plan

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7 minutes ago, Frank Hovis said:

Which will only add to the reasons why so few tradesmen these days take on apprentices to expand their business; preferring to keep it below the VAT threshold and not having to deal with any of the HR stuff or pension auto enrollment.

There's a whole generation of tradesmen not being trained because of these endless rules and regulations.

Except by 2020 it drops down to any business turning over £10k or more.

 

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1 minute ago, Cunning Plan said:

Except by 2020 it drops down to any business turning over £10k or more.

 

Really?  Even more reason then to go on the black economy of cash in hand work.  

Although, they are trying to do their level best of getting rid of cash. 

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32 minutes ago, Cunning Plan said:

So we have just got the hang of GDPR and auto enrollment pensions.

And now this ..

 

Digital records will need to be preserved for up to six years.

 

:PissedOff:

I can see the argument for keeping paper records as HMRC don't get to see them apart from during an investigation. Digital records, well duh, store them centrally when they are already been submitted, or do the bits magically fall off once entered into the government systems?

 

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3 minutes ago, Cunning Plan said:

Except by 2020 it drops down to any business turning over £10k or more.

 

 

1 minute ago, One percent said:

Really?  Even more reason then to go on the black economy of cash in hand work.  

Although, they are trying to do their level best of getting rid of cash. 

 

If Phillip Hammond represents the future vision of the Conservative party then it clearly wants to snuff out the self-employed small business people rather than support them for being the underlying wealth creators as it always used to do.

So he is trying to get rid of:

  1. Small private firms
  2. Cash

And replace them respectively with:

  1. Big firms employing the previously independent but now on low wages (think local sportswear shop replaced by Sports Direct)
  2. Fully tracked, taxed, and levied transactions (as with Tesco temps last Christamas only being able to receive their wages on a "Tuxedo" card which then levied a charge when they used it)

 

It stinks of big government wishing to micromanage the population.

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1 minute ago, Frank Hovis said:

 

  1. Big firms employing the previously independent but now on low wages (think local sportswear shop replaced by Sports Direct) cheap migrant labour.
  2. Fully tracked, taxed, and levied transactions (as with Tesco temps last Christamas only being able to receive their wages on a "Tuxedo" card which then levied a charge when they used it)

 

It stinks of big government wishing to micromanage the population.

Fixed.

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4 minutes ago, Frank Hovis said:

 

 

If Phillip Hammond represents the future vision of the Conservative party then it clearly wants to snuff out the self-employed small business people rather than support them for being the underlying wealth creators as it always used to do.

So he is trying to get rid of:

  1. Small private firms
  2. Cash

And replace them respectively with:

  1. Big firms employing the previously independent but now on low wages (think local sportswear shop replaced by Sports Direct)
  2. Fully tracked, taxed, and levied transactions (as with Tesco temps last Christamas only being able to receive their wages on a "Tuxedo" card which then levied a charge when they used it)

 

It stinks of big government wishing to micromanage the population.

👍

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2 minutes ago, sarahbell said:

So this might be the time to deregister for VAT.
Which is a shame.

I'd have thought you'd be ok as a computer person Sarah, just buy a Sage programme which are usually cheap and easy to use.

The problem is for the non-computer people who will have to find and pay somebody to do it for them.

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4 minutes ago, Frank Hovis said:

I'd have thought you'd be ok as a computer person Sarah, just buy a Sage programme which are usually cheap and easy to use.

The problem is for the non-computer people who will have to find and pay somebody to do it for them.

It's the numbers side I hate and the fear of fucking it up.

 

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11 minutes ago, sarahbell said:

It's the numbers side I hate and the fear of fucking it up.

 

Understandable but Sage is genuinely helpful software and they update for new legislation.  I'm not an unqualified fan of them as I had to get one subsidiary's accounts off them and it was a nightmare but for payroll and small cos. they are ideal tbh.

You will be fine and don't need to pay someone to do it.

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1 hour ago, Cunning Plan said:

Except by 2020 it drops down to any business turning over £10k or more.

 

bloody hell, that's insane, should be going up, £1m ought to be about right.

Edited by snaga

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It isn't clear what happens to businesses that are registered for VAT but that aren't above the VAT threshold (£85k).  I'd imagine that they actually mean 'businesses that are above the VAT threshold (and which therefore should be registered for VAT', as I can't believe they'll run two parallel systems for the low number of <85k VAT businesses.

I noted at the bottom that there'll be an exemption for 'religious belief'.  Maybe time to look into becoming Amish?  I might set up a new church.  Perhaps the New Church of Amish, that believes in electricity and cars, but not so much computers and Sky television.

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42 minutes ago, dgul said:

It isn't clear what happens to businesses that are registered for VAT but that aren't above the VAT threshold (£85k).  I'd imagine that they actually mean 'businesses that are above the VAT threshold (and which therefore should be registered for VAT', as I can't believe they'll run two parallel systems for the low number of <85k VAT businesses.

I noted at the bottom that there'll be an exemption for 'religious belief'.  Maybe time to look into becoming Amish?  I might set up a new church.  Perhaps the New Church of Amish, that believes in electricity and cars, but not so much computers and Sky television.

Why the fuck does religious beliefs give you a get out of jail card? 

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1 hour ago, Frank Hovis said:

Understandable but Sage is genuinely helpful software and they update for new legislation.  I'm not an unqualified fan of them as I had to get one subsidiary's accounts off them and it was a nightmare but for payroll and small cos. they are ideal tbh.

You will be fine and don't need to pay someone to do it.

I pay someone now to do it... It'd end up being my responsibility (ltd company) and tbh would keep me awake at night. I think. It's something I should probably consider though.

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2 hours ago, Cunning Plan said:

Except by 2020 it drops down to any business turning over £10k or more.

 

W.T.Actual.F.

?

That can't be right?

Most of my profit is from labour, I could claim back a bit of VAT from my expenditure on materials and tools but not all that much.

I hate that idea.

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6 minutes ago, Carl Fimble said:

W.T.Actual.F.

?

That can't be right?

Most of my profit is from labour, I could claim back a bit of VAT from my expenditure on materials and tools but not all that much.

I hate that idea.

Cash in hand. ;)

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All of my turnover is from my manpower, I buy nothing for the company and claim back zero VAT. I'm still registered for the small company exemption as with a quick calculation the only vat I could claim back was accountancy fees and the difference was naff all.

This so called conservative government seems to be doing everything it possibly can to alienate potential/traditional conservative voters.

This has Treason Mays sticky little micromanaging authoritarian fingers all over it.

 

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2 hours ago, Cunning Plan said:

Except by 2020 it drops down to any business turning over £10k or more.

 

Fuck that. I will be jacking it in when that happens.

I hope that Q turns out to be real and we get to string these bastards up. 

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Think I am right in saying this - the 10K limit has nothing to do with VAT, it is the limit for the expansion of digital reporting to broader range of companies and i think quarterly reporting all wrapped up in this..

 

 

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This is really shit.

My experience of IR35 has made contracting almost pointless. The only place worth a punt is Scotland...elsewhere hourly rates are capped. And HMRC have insisted I use a payroll company...So deemed employed means paying Employers NI, Employees NI, Apprenticeship Levy, Payroll charges then Income Tax. Take home pay under basic rate of tax equals 61% of weekly earnings. Once I hit upper brackets take home pay is 41% of earnings.  And there's no allowances against tax anymore......nothing.

And when I log into my HMRC account, they have details of every weekly pay and deductions. And my Personal Allowance code goes up and down faster than a tarts knickers.

So I thought about a new business venture....setting up a joinery business. But fuck that....it really is not worth the hassle.

 

And if the Government and HMRC think big business is the way forward and small business ventures don't deserve any encouragement, then they are deluded. Look what has happened to House of Fraser, Gaucho, ToysRus, Woolworths, JJB Sports, Blockbusters, BHS, Phones4U, P&H, Carillion etc etc

 

Conservatives really are looking like a bunch of spivs.

 

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