[GNC] Making Tax Digital (MTD) for Tax Self-Assessment

[Neil Campbell]

Hi Maf

Thanks for your response.

Have a look at HMRC website for more info:
https://www.gov.uk/government/consultations/making-tax-digital-for-business-an-overview-for-small-businesses-the-self-employed-and-smaller-landlords <https://www.gov.uk/government/consultations/making-tax-digital-for-business-an-overview-for-small-businesses-the-self-employed-and-smaller-landlords>

I am not sure where this was followed up but a few days ago I received an email from QuickBooks headlined:
Tuesday 27 July, 2:00 PM - 3:00 PM
Webinar: MTD for ITSA - prepare now for a stress-free 2023
Hi Neil,

Making Tax Digital for Income Tax Self-Assessment (known as MTD for ITSA) will require all businesses and landlords with gross income in excess of £10,000 to keep digital records from April 2023. Although 2023 may seem far-off, it’s important to start preparing your practice and clients now. 
GNUCash already provides digital accounting so there is no problem there. Perhaps there will be a requirement to submit the quarterly returns mentioned in the URL above with direct integration of digital accounts to HMRC returns.

Regarding Digital VAT, I thought that this GST in GNUCash applied only to Australian GST. However, HMRC have a webpage saying:
HM Revenue & Customs
English  Newid yr iaith ir GymraegCymraeg <https://www.tax.service.gov.uk/making-tax-digital-software/hmrc-frontend/language/cy>
Find software for Making Tax Digital for VAT




 


GNUCash is not listed in their linked list of 12 Free Accounting software packages, so I thought that it didn’t comply.

If you can find anything else to clarify this, please post to this forum.

Neil
neilcamp65 at gmail.com



> On 21 Jul 2021, at 16:43, Maf. King <maf at chilwell.net> wrote:
> 
> Hi Neil,
> 
> MTD for VAT for turnovers 85k+ (IIRC that is the compulsory reg threshold) is 
> fine and I've been "doing it" that way for a year or two now.   I think the 
> report is called GST report, (but may be mistaken on that,,,)
> 
> When you say MTD for Self Assessment, I'm not sure what you mean.  SA is the 
> personal tax return process.  I'm not (yet) aware of the 2023 rule changes you 
> mention.
> 
> Maf.
> 
> 
> 
> On Wednesday, 21 July 2021 16:30:12 BST Neil Campbell wrote:
>> From April 2023, new laws in UK will require all businesses with a gross
>> income of in excess of £10,000 to keep digital records for Tax returns. I
>> think that there are already laws in place for record-keeping and
>> submitting VAT digitally direct to HMRC. I am sure that there must be
>> thousands of GNUCash users who will be affected.
>> 
>> This may seem a long way away, but can one of the developers please confirm
>> that GNUCash either complies already (I can’t find anything in the Menu’s
>> that relates to VAT or the collection thereof) or the matter is in hand and
>> GNUCash will comply before April 2023.
>> 
>> Neil
>> neilcamp65 at gmail.com
>> 
>> 
>> 
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