Quarterly Tax Returns For Everyone !

[pewter]

The old man is staying and the shock front page headline on the Dail Mail paper he has  left in my kitchen reads,

'Fill in your tax return four times a year'

for everyone, even one man bands like myself.  I dread sorting my accounts once a year and paying the accountant £450 to do so.

I suppose its another good excuse to put my prices up.

The big wig bankers and tax avoiders like the HSBC lot will no doubt be ok to avoid tax on there many millions and be allowed to pay a fraction of there tax bill years later after they have used that to make even more.

If this does happen i am going to be very sad.

 

[Essex1]

As an employer we have to do multiple tax returns every month. PAYE, CIS are monthly and VAT is already quarterly.

 

[Murdoch]

I suppose it will create lots of non jobs.......

 

[ProDave]

Good to see he is cracking on with the pledge to cut red tape for business.

Still that's 4 times a year I will have to disappoint them now.

 

[Lurch]

Won't make much difference to me, I am paperless and electronic so just need to click a button 4 times a year instead of once.

 

[ProDave]

Didn't I read somewhere this doesn't come into effect until 2020?  With a bit of luck I will be retired by then and won't give a stuff.

 

[Essex1]

Won't make much difference to me, I am paperless and electronic so just need to click a button 4 times a year instead of once.

So the computer knows all your details without any manual input does it?

 

[Lurch]

So the computer knows all your details without any manual input does it?

Eh?

I input all the details anyway for the annual returns, there is no more info required for quarterly returns.

 

[Essex1]

Eh?I input all the details anyway for the annual returns, there is no more info required for quarterly returns.

Sorry. Misread your post completely.

 

[Evans Electric]

The old man is staying and the shock front page headline on the Dail Mail paper he has  left in my kitchen reads,

'Fill in your tax return four times a year'

for everyone, even one man bands like myself.  I dread sorting my accounts once a year and paying the accountant £450 to do so.

I suppose its another good excuse to put my prices up.

The big wig bankers and tax avoiders like the HSBC lot will no doubt be ok to avoid tax on there many millions and be allowed to pay a fraction of there tax bill years later after they have used that to make even more.

If this does happen i am going to be very sad.

Accountant hasn't warned me of this Pewt..........and £450 for a one man band is a bit steep ..... I'm a OMB , I pay £200 .   Accouncy bills will be going up too if they are doing 4 payments a year .       It means they will have to hit 4 deadlines per year instead of the January online one . 

Sounds daft to me .

 

[Sharpend]

Either do your own accounts, which for a OMB is pretty straightforward, or change profession and become an accountant!!! :C

 

[Essex1]

Either do your own accounts, which for a OMB is pretty straightforward, or change profession and become an accountant!!! :C

I used to think like that. Yeah. Do it myself. How hard can it be? In and out yeah? Then the tax man knocked on the door and went through the last 6 years with a fine tooth comb. I wish I had paid £200 per year as the investigation cost me considerably more. Much, much more.

 

[Sharpend]

Yes but you have to have an idea of what you're doing!!! (Being accountancy trained helps ) but really it's not that difficult.

 

[Essex1]

Yes but you have to have an idea of what you're doing!!! (Being accountancy trained helps ) but really it's not that difficult.

What the accountant said to me that sorted it all out for me was that HMRC will pick on the people that do their own returns. Those that are done by an accountant do not usually get investigated. I was amazed at what I had failed to claim over the years. Things that only an accountant would know.

 

[Lurch]

Bookkeeping you could do yourself, I do it all electronically as mentioned, then the account just checks it over, adds a few journals as required and submits everything required for the assessments. I would not do it myself if I did PAYE, although I at one time would have said I wouldn't do bookkeeping or VAT but do not do it thinking you know best and it will save you a few quid, at some point it could cost you a few quid to put it right as Essex has mentioned (bit like DIYing your electrics ).

 

[steptoe]

as a OMB I done my own,

now, as Ltd, its a different bal game and I happily pay someone 800£ to do it for me, though I will be changing accountants nextr year, this one is totally crap,

 

[pewter]

I beleive (not that i have actually proved it) that what the accountant saves me (in time and knowing what i can get away with claiming for) covers his cost. im not sure it will for 4 times a year though.

For me making time to do it 4 times as often is the biggest bother.