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Quarterly tax returns?

(11 Posts)
Fluffycloudland77 Sat 12-Dec-15 07:51:38

I am going to have to learn how to do my own tax returns if this happens. I cant afford £800 four times a year.

Ta1kinPeace Sat 12-Dec-15 16:30:19

It won't happen.

Fluffycloudland77 Sat 12-Dec-15 16:57:10

Well I've been wondering how feasible this is, I cannot be the only one to think "well I'll just have to learn how to do it myself".

Even if it doesn't happen I'm still wondering if I really need my accountant, other people file their own returns.

Your usually right.

CrotchetQuaverMinim Sat 12-Dec-15 16:59:06

When is it supposed to come into force? Will everyone have to do it?

I'm self employed (not a company or ltd or anything, just sole trader) as a tutor, not a very high turnover, and right now just file them myself once a year and hope that I'm doing it right. It would be a real pain to do it four times a year as I get paid irregularly etc.

Has it not actually been decided for sure then? I've only just heard about it recently so haven't had time to look into the details yet.

Ta1kinPeace Sat 12-Dec-15 17:03:07

Its one of Gideon's thicker ideas
it will get shelved
its not even in here
www.gov.uk/government/news/spending-review-and-autumn-statement-2015-key-announcements

Fluffycloudland77 Sat 12-Dec-15 17:12:22

2020 Crotchet. Vat returns too.

If it happens.

Fluffycloudland77 Sat 12-Dec-15 17:13:37

Not sucking up btw, you still scare me TIP grin

TodaysFishIsTroutALaCreme Sat 12-Dec-15 17:14:28

Registered Bookkeeper here!

I read this in the news this morning and my heart sank. I have not yet looked into it properly as I have been busy all day filing tax returns. I will look at it in depth in February when I get chance to breathe again.

From what I read though, it was written like the self employed person themselves would be doing this and therefore cutting out the accountant/bookkeeper. I believe the online software provided by HMRC will make this easier for Joe Bloggs to do it. It still doesn't help said Joe Bloggs work out what is tax deductible and what isn't though which is why my clients come to me in the first place.

If however, I am wrong in the above and it will still be the bookkeepers and the accountants doing the work then you may well find me gibbering in a corner when this happens. Right now, I literally have no idea how I will get so many returns filed. I do 15 Self Assessment returns a year (I am also self employed so make that 16). Trying to "encourage" my clients to get their paperwork to me in a timely manner is difficult at the best of times which is why December and January are my busiest months. I can't imagine having to file 16 tax returns every 3 months. When will I get time to do them? I also work 4 days a week at clients doing their books. It may be that I have to give the self assessments up and that would be horrible for my clients.

My first thought when I read the paper was "How are my clients going to pay for this?" and I thought, well, the income and expenditure part will be quartered each time, and that is the thing that takes the longest. I would consider halving my fee for a return if was feasible. It will still be more money for me overall but wouldn't be ripping my clients off. You may find OP that this is generally what happens with all the accountants.

But as Ta1kinPeace says, it probably won't happen. keeps fingers very firmly crossed

Fluffycloudland77 Sat 12-Dec-15 17:21:51

Even if they halved their fee to £400 per return I would still be paying double over the year but it's still 4 times the work for them.

SpendSpendSpend Sat 12-Dec-15 17:22:24

WHAT???

Fuck sake! This is the first i ve heard of this.

I hope it doesnt happen

Ta1kinPeace Sat 12-Dec-15 22:40:32

The Treasury is kite flying : that is why they sent it to the prses on a Saturday so the tabloids could rant and rave before the finance press demolish it on Monday

(a) HMRC do not have the resources
(b) it would not work
(c) its not even at the proper press release stage yet

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