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Was it in thier manifesto?
Will doing it 4 times make it easier as there will be less of everything to deal with?
I've signed it so there can be more debate about it but I'm not sure it's a bad thing.
I actually think it will encourage a lot of people to be more organised!
Surely it won't be a huge difference on VAT returns quarterly?
I think the whole online dashboard for SA needs to be far better and easier to use
Interesting responses. I think one thing worth bearing in mind is that is you are filling in VAT returns, then you already have a bigger income that demands more admin. This new move applies to everyone with an income of £10,000 a year and more, which puts a much larger burden proportionally on smaller businesses.
It's being promoted as a move that will increase Government income because the taxman will be able to keep better track of people's income. I think what it will mean is that seasonal differences in income won't be ironed out, and more people will end up overpaying and having to reclaim, while the Government sits on the money.
And again it will be smaller figures as its more frequent. The more I think about it the better it sounds to me even if a it means bit more admin.
I filed my return today; no big dramas doing it online its quick enough. I would prefer not to do quarterly return but if it comes to that fair enough. I had to ring HRMC and expected a 45 min wait on phone but got through in under 2 mins so happy days.
Must admit I wouldn't be too fazed by this either. Four small tax payments instead of one biggie.
I can also understand that doing this will also give the Gov. a better cash flow.
It's all fine if you can do your own return but could prove expensive for anyone who relies on an accountant.
If this includes Ltd. Co. then it's not going to happen there will be to much pressure from the large corporations.
On the subject of VAT. I believe that all businesses should be registered regardless of turnover.
It's difficult to compete with those who are not vat registered.
I've signed, it's well past 91,000 now, anyone who has done stock-takes in small shops, etc knows what burden this would be
This may well be a good thing.
Change is not always bad.
Keep up to date and filing online is easy I think.
Well the accountants will do well out of it. Can't see mine splitting the current cost by four for each return. I prefer getting my books together in the down season, there's no time to fiddle with spreadsheets in the middle of summer.
This would inevitably increase admin costs for those who do their returns through an accountant. However it would be easier to find four smaller amounts of money during the year rather than the current six-monthly ones. Two ideas to through into the pot - quarterly returns could be optional, or perhaps the forward-calculated tax asked for now could just be split into four?
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