Whats the situation with them , anyone heard anything , has the idea been kicked into touch?
Monthly tax returns anyone ???
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Dunno, I know I have to do my CIS returns monthly,
But that's maybe because I'm Ltd, :C
But that's maybe because I'm Ltd, :C
They were on about a full monthly return from the self employed ..............accountants will be ordering their posh wheels & yatchs .
DId you mention CIS ? I hated that scheme with a vengance . Discriminating against the lesser paid Self employed ...." oh you're just a nobody we'll have your tax every month .....ah big posh contractor with large turnover ...naw you're OK ...you needn't pay till next year .
And what about that ..." On account " payment ......you paid five grand last year so you can pay it again " On account" ......Oh dear bit short of work this year ...hard shirt ...PAY UP !!! The country's broke .
DId you mention CIS ? I hated that scheme with a vengance . Discriminating against the lesser paid Self employed ...." oh you're just a nobody we'll have your tax every month .....ah big posh contractor with large turnover ...naw you're OK ...you needn't pay till next year .
And what about that ..." On account " payment ......you paid five grand last year so you can pay it again " On account" ......Oh dear bit short of work this year ...hard shirt ...PAY UP !!! The country's broke .
There is a scheme called "making tax digital" which would mean all SE people submitting 5 returns per year.... this was supposed to go live next year, but in the last budget, anyone with a turn over of less than the VAT threshold (£84K) were going to start in FY2019 ... because of the election I believe this is now temporarily on hold!
Did you get this from the Daily Mail or something?
That is complete nonsense, if I submitted my returns monthly there would be a negligible difference in annual costs, if anything at all. The people moaning about increased costs are using extreme statements and inaccurate pricing models.
I have heard mutterings to this effect, it means the government gets its tax more regularly from the SE / small buisinesses. Not sure if that is good or bad for my business, but I suspect it will mean paying more money out then claiming some back. It's more work either way so it will definetly cost me something.
Supersparks1234
"Mr Orange"
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If you have a turnover of I think it's £30k oer annum, you can register for gross CIS, so no deductions when subbying to others. I still have to pay CIS for anyone working for me.
You are correct ,
Its 30k iirc, (or maybe 33) but thereabouts,
I'm in a quandary about whether to do it or not.
Oh, BTW, its NOT an automatic registration, you can apply, for gross payments, doesn't always mean you will get it though, according to my accountant,
If truth be told, I don't mind being CIS deducted, it means I get enough back (and more) to cover my coporation tax and accountants bill, with normally a little bonus left over.
Because, accountants do not work for free???
john..
john..
I suspect a lot of people have trouble submitting once per year, so 5 times a year would be a struggle ... unless you are organised.
My accountant has people who don't know what their revenue is, nor what their costs are......
I think it's fairly clear that Lurch is well organised.
As for the rest of us.....
As for the rest of us.....
I wonder if I use your accountant,? :C
My accountant rings me at least twice every month chasing CIS receipts,
I thinks she knows I have a system called organised chaos in place,
I'm very well organised - I give my figures to my accountant and he tells HMRC what he thinks they want to know,,,
because if have to do it more often, time is money.
trouble is you are dependent on others paying the CIS to HMRC, and they don't always do that, and if they don't you are still liable for the money. I much prefer to look after my own affairs.You are correct ,
Its 30k iirc, (or maybe 33) but thereabouts,
I'm in a quandary about whether to do it or not.
Oh, BTW, its NOT an automatic registration, you can apply, for gross payments, doesn't always mean you will get it though, according to my accountant,
If truth be told, I don't mind being CIS deducted, it means I get enough back (and more) to cover my coporation tax and accountants bill, with normally a little bonus left over.
I've always been told as long as I have the receipt every month then I'm covered,
And that's been way before even CIS , I was SC60 for many years before CIS even came into being,
That was a very similar scheme,
Just like the 714/715 , as long as the person paying you gross had your 714/715 slip then they were covered.
I could well be wrong though, luckily enough I've never been in the situation yet where it's not been paid.
Stepps , thats the big thing about CIS ...as you rightly say , you MUST get that receipt every month .
I work with the guy who lives opposite me sometimes ...he does kitchen fitting , bathrooms general chippying .........he subbed to some outfit up from the Smoke on some office refurb ..... they made deductions but no receipts ...... job done , they get lost back darn sarf ..... so my mate had paid the tax on his gross earnings ..then had to pay it again on his net earnings .............no receipts see!!!
I work with the guy who lives opposite me sometimes ...he does kitchen fitting , bathrooms general chippying .........he subbed to some outfit up from the Smoke on some office refurb ..... they made deductions but no receipts ...... job done , they get lost back darn sarf ..... so my mate had paid the tax on his gross earnings ..then had to pay it again on his net earnings .............no receipts see!!!
Well, to backtrack a bit, I did have one guy didn't give me a receipt, and refused to, saying he had paid me gross, funnily it was down on the price we had agreed , I just kept a vanload of his stuff I had, it was worth more than the tax he didn't pay for me, he never even asked for it back, so he musta guessed.
