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MTD - why you really, really should join the MTD pilot this spring.
Manage episode 412654742 series 3467431
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This episode looks at the MTD Pilot for small businesses and landlords commencing April 2024.
Amongst many things we cover it is explained why all practices should pop one or two clients on to the pilot. How the turnover is calculated to determine who will join in 2026 when it is compulsory and there is a nasty surprise lurking for clients.
Throughout we explain the process and the detailed contents include:
2:07 Which taxpayers are affected
2:38 When the MTD pilot starts
2:55 The new HMRC pilot compared with previous versions
3:18 Which clients can be signed up? Do you have to sign up all clients?
5:31 Why joining might help with the penalty regime
6:17 Which taxpayers will have to join MTD quarterly reporting and from what date?
9:00 Which quarters have to be used?
10:32 What has to be submitted and the 'fifth' submission
12:54 API enabled software
15:15 Three-line accounting
16:06 Using spreadsheets
17:17 When do submissions have to be made by?
19:59 Cumulative basis
22:00 The digitally excluded and MTD
24:30 Quarterly payments????
26:34 How the turnover is calculated and it has a nasty surprise
33:33 How to put clients on the pilot basis
Check www.thethingswedofortax.co.uk for new episodes providing CPD for tax accountants
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