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

[Neil Campbell]

Hi Maf

Thanks for the info. I also just scanned your link and it seems that GNUC would need to incorporate the API to link with HMRC systems. I think this is the aspect that I am asking if it will be considered for a future upgrade of GNUC. I don’t know if there is a place to put this as a request, so if anyone reading this knows, please advise.

Thanks again Maf.

Neil
neilcamp65 at gmail.com



> On 21 Jul 2021, at 18:08, Maf. King <maf at chilwell.net> wrote:
> 
> 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 <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 <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 <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
>>>> 
>>>> 
>>>> 
>>>> _______________________________________________
>>>> gnucash-user mailing list
>>>> gnucash-user at gnucash.org
>>>> To update your subscription preferences or to unsubscribe:
>>>> https://lists.gnucash.org/mailman/listinfo/gnucash-user
>>>> If you are using Nabble or Gmane, please see
>>>> https://wiki.gnucash.org/wiki/Mailing_Lists for more information. -----
>>>> Please remember to CC this list on all your replies.
>>>> You can do this by using Reply-To-List or Reply-All.