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

[Maf. King]

Hi Neil,

This seems to be a follow-up doc:

https://www.gov.uk/government/publications/making-tax-digital-for-business-stakeholder-communications-pack/making-tax-digital-for-business-stakeholder-communications-pack

my reading (only quickly) is that if you fill in the property or partnership/
self employed  pages on the SA100 (for more than 10k turnover) then you will 
have to submit quarterly Income Tax summaries *and* a full annual return, all 
digitally.  If it is anything like the VAT approach then GC should prbably 
manage the summaries with a couple of well crafted reports....the annual 
return might be more steps, though.  It is not a paper process I'm familiar 
with; I don't use those pages in the SA100.  

Presumably, the entire SA100 will go that way eventually - ie digital 
submission.

I've checked my GC, the report "Income and GST Statement" has an option to 
produce UK VAT return info.

HTH,
Maf.




On Wednesday, 21 July 2021 17:09:38 BST Neil Campbell wrote:
> 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-busines
> s-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/l
> anguage/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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