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Changes to tax return for 2020

Discussion in 'Money, Accounts & Finance' started by beacon hill, Mar 2, 2016.

  1. beacon hill

    beacon hill

    Joined:
    Jun 28, 2010
    Messages:
    1,840
    Some of you may have seen the media reports saying that yearly tax returns
    are going to be quarterly from 2020..Good news for accountants, bad news
    for small businesses

    This week David Gauke MP who is the financial secretary to the treasury
    said that all rumours from the media about having to do a tax return 4 times a year
    is untrue

    Here is more info on the changes for 2020 if you want a read
    https://www.gov.uk/government/uploa...hment_data/file/484668/making-tax-digital.pdf
  2. Gary

    Gary

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    Aug 22, 2009
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    16,311
    The document linked begs to differ

    Seemingly they're just not calling it a tax return any more but it looks like they will want at least quarterly "updates" from most businesses.
  3. beacon hill

    beacon hill

    Joined:
    Jun 28, 2010
    Messages:
    1,840
    I already give an update every 3 months. Its called a VAT return
    Hopefully they will explain in more detail well in advance
  4. Gary

    Gary

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    Aug 22, 2009
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    16,311
    VAT is a separate system so unsure why that would be relevant to income tax.
  5. Icclebits

    Icclebits

    Joined:
    Nov 1, 2012
    Messages:
    943
    Well, They do like to turn those thumbscrews don't they!

    To be fair I do my books monthly (and wish they would change the Tax year so it ended on 31st march as it would be easier all round!) so no big hassle to me but I would be fuming if I had to pay someone to do a quarterly TR!
    Gary likes this.
  6. Gary

    Gary

    Joined:
    Aug 22, 2009
    Messages:
    16,311
    Same here, I wouldn't mind providing the updates were quick and easy.
    Icclebits likes this.

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