In order to encourage 400,000 people to sign up for the “public beta” testing programme of making tax digital next month HMRC is offering a “special treat” for participants by excusing them from having to complete an SA return, MTD programme head Theresa Middleton told AccountingWEB last week.
The year-long test programme will run from April and be open to volunteers, businesses and landlords.
Recognising that filing monthly income and expense updates then having to complete a separate SA return would be the “worst of all worlds”, Middleton said the plan was to let MTD guinea pigs send in details of other income through their personal digital account.
“You’re not opting out of the SA system, but what will happen if you join the pilot is you won’t have to send us a self assessment return for that year.”
“It is not a question of opting out of the self assessment system. By subscribing to the pilot, and then complying with the conditions (sending in summary updates, End of Year activity, and where appropriate all other tax information) there will be, for the relevant year, no requirement to subsequently submit a self-assessment return because the taxpayer will have already met their statutory obligations.”A "great" offer, instead of having to submit data once a year via SA taxpayers will have to send it four times a year!
Tax does have to be taxing.
Professional Cover Against the Threat of Costly TAX and VAT Investigations
Insurance to protect you against the cost of enquiry or dispute with HMRC is available from several sources including Solar Tax Investigation Insurance.
Ken Frost has negotiated a 10% discount on any polices that may suit your needs.
However, neither Ken Frost nor HMRCISSHITE either endorses or recommends their services.
What is Solar Tax Investigation Insurance?
Solar Tax Investigation Insurance is a tax-fee protection service that will pay up to £75,000 towards your accountant's fees in the event of an HM Revenue & Customs full enquiry or dispute.
To find out more, please use this link Solar Tax Investigation Insurance
HMRC Is Shite (www.hmrcisshite.com), also available via the domain www.hmrconline.com, is brought to you by www.kenfrost.com "The Living Brand"