[Finance] Quarterly tax returns for self employed

LamieRobertson · Nov 23, 2017

I see this has been delayed until 2019 for those with a turnover of less than £85k (starts April 2018 if above)...,has anyone had a chat with their accountant about how this is all going to work out...higher fee starters?...another problem I foresee for my self is seasonal working ..then there is paying tax on work not paid for (cash flow) etc
Can’t see I’ve seen much debate about it and yet there must be loads of us self employed peeps who are wondering how the heck it’s going to work

Not Andy Naylor · Nov 23, 2017

Yet another reason to retire and stop giving the Tories any more of my money.

LamieRobertson · Nov 23, 2017

Not Andy Naylor said:
Yet another reason to retire and stop giving the Tories any more of my money.

Lol I wish ...no private pension= work until I drop

Not Andy Naylor · Nov 23, 2017

LamieRobertson said:
Lol I wish ...no private pension= work until I drop

Me neither. But I have simple and inexpensive tastes.

carlzeiss · Nov 23, 2017

Doesn't make sense to me as 4 visits to my account per year instead of 1 will inevitable mean a higher overall bill for their services .
This will then result in a lower profit margin and less Tax to pay plus potentially an increase in Tax credit payments .
So more money for accountants and less to HMRC .
Or have I missed something ?

Official Old Man · Nov 23, 2017

I am on a 'fixed rate' VAT scheme and was trying to see if anything had changed, like the rate or threshold. Nothing found so I presume all as before.

beorhthelm · Nov 23, 2017

Not Andy Naylor said:
Yet another reason to retire and stop giving the Tories any more of my money.

is paying tax quarterly rather than a large yearly bill a bad thing?

chimneys · Nov 23, 2017

beorhthelm said:
is paying tax quarterly rather than a large yearly bill a bad thing?

The title says quarterly tax RETURNS. Yes that is a very bad thing spending loads of time focusing on that rather than earning more tax for HMRC.

LamieRobertson · Nov 23, 2017

I remember the good times said:
I am on a 'fixed rate' VAT scheme and was trying to see if anything had changed, like the rate or threshold. Nothing found so I presume all as before.

This though is income tax

LamieRobertson · Nov 23, 2017

beorhthelm said:
is paying tax quarterly rather than a large yearly bill a bad thing?

It’s the mechanics of it ..and like I said in my opening post ..where you use an accountant..higher bills....where you haven’t been paid for work and yet have to pay tax on it causing cash flow issues etc etc..

chimneys · Nov 23, 2017

I remember the good times said:
I am on a 'fixed rate' VAT scheme and was trying to see if anything had changed, like the rate or threshold. Nothing found so I presume all as before.

Christ he killed any incentive for anyone with low costs to stay on flat rate at last year's Autumn statement, so anything more and it would be effectively extra income tax!!

Gazwag · Nov 23, 2017

carlzeiss said:
Doesn't make sense to me as 4 visits to my account per year instead of 1 will inevitable mean a higher overall bill for their services .
This will then result in a lower profit margin and less Tax to pay plus potentially an increase in Tax credit payments .
So more money for accountants and less to HMRC .
Or have I missed something ?

No its 4 internet returns a year which you will have to install software for, government said software would be free - software houses said no it ****** won't. In theory its lower fees to your accountant. Going to be a shitstorm come April 18

beorhthelm · Nov 23, 2017

LamieRobertson said:
It’s the mechanics of it ..and like I said in my opening post ..where you use an accountant..higher bills....where you haven’t been paid for work and yet have to pay tax on it causing cash flow issues etc etc..

i wasn't aware of that aspect, its no longer a year (or more) in arrears?

LamieRobertson · Nov 23, 2017

beorhthelm said:
i wasn't aware of that aspect, its no longer a year (or more) in arrears?

The arrears thing is slightly misleading in that for example myself I pay twice yearly (only one return).. once in January then again July partly based on a forecast of earnings ..I get confused part of the reason I use an accountant even for my simple circumstances..I brought it up as the one year delay was part of the budget and it doesn’t get much publicity..and yet it would seem there are a lot of questions unanswered.

LamieRobertson · Nov 23, 2017

Gazwag said:
No its 4 internet returns a year which you will have to install software for, government said software would be free - software houses said no it ****** won't. In theory its lower fees to your accountant. Going to be a shitstorm come April 18

In theory but not in practise is my reckoning ..how to deal with capital allowances etc ..feck that I as good as work six days a week for nine months of the year and struggle to get my head round stuff like that

Official Old Man · Nov 23, 2017

chimneys said:
Christ he killed any incentive for anyone with low costs to stay on flat rate at last year's Autumn statement, so anything more and it would be effectively extra income tax!!

I love the flat rate as I have very high profits, all be it on low sales. My fixed rate is 4%. It takes my around 5 minutes every quarter to send in my return and I reckon I save around £25,000 a year. Yes, that's profit for me on which they then take 20% income tax. Had an inspection last year and sailed through.

Brovion · Nov 23, 2017

Not Andy Naylor said:
Yet another reason to retire and stop giving the Tories any more of my money.

If you want to stop giving money to the Tories - don't renew your party membership or stop going to their jumble sales or whatever. I don't give a penny to the Tories, I do pay tax to the state however. And boy does it need it.

Wrong-Direction · Nov 23, 2017

LamieRobertson said:
I see this has been delayed until 2019 for those with a turnover of less than £85k (starts April 2018 if above)...,has anyone had a chat with their accountant about how this is all going to work out...higher fee starters?...another problem I foresee for my self is seasonal working ..then there is paying tax on work not paid for (cash flow) etc
Can’t see I’ve seen much debate about it and yet there must be loads of us self employed peeps who are wondering how the heck it’s going to work

I'll let my dad know

Sent from my SM-A310F using Tapatalk

chimneys · Nov 23, 2017

I remember the good times said:
I love the flat rate as I have very high profits, all be it on low sales. My fixed rate is 4%. It takes my around 5 minutes every quarter to send in my return and I reckon I save around £25,000 a year. Yes, that's profit for me on which they then take 20% income tax. Had an inspection last year and sailed through.

You must be in the category "Retailing food, confectionery, tobacco, newspapers or children’s clothing" as that is the only one at 4%. Not sure how that category could ever be low sales, unless its luxury end, but well done you!

LlcoolJ · Nov 23, 2017

Gazwag said:
No its 4 internet returns a year which you will have to install software for, government said software would be free - software houses said no it ****** won't. In theory its lower fees to your accountant. Going to be a shitstorm come April 18

This. It's a totally shit idea and is going to cause carnage.

BTW it'll actually be five returns you have to do. The four quarterly ones and then a year end one to correct all the bollocks in the quarterly ones. Even if you use decent software (which will cost) for the quarterly returns, you'll still need an accountant to sort out the final one so it's not going to save any money (unless you want to be ripped off by HMRC).

Great idea!

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[Finance] Quarterly tax returns for self employed

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