Forum

• # 116474
• Tue 20 Mar 2018 10:35 PM

Hi everyone, I have been reading a lot recently about MTD and I just wondered how this would affect anyone like me who is signed up for diploma in self assesment, but won't be ready to start this course for a few months yet.

Is this diploma course going to be defunk. Learning a subject which is appearing to be null and void if MTD goes into full swing?

Your thoughts?

Digit

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• # 116475
• Wed 21 Mar 2018 09:00 AM

Hi Digit,

MTD brings in a new way to submit returns and in the future possibly it brings in more frequent tax payment. The substance of the subject will not change at all so we talking about a delivery change not change of law/rules of what is deductible for income tax purposes or what to claim as Capital Allowances etc
Of course there will be some new rules around basis periods, or when we can claim Capital allowancesdue due to the frequency.
MTD for self employed individuals is postponed and will be introduced from 1 April 2020 earliest so plenty of time to turn your qualification into nice amount of profits in your practice and get ready for MTD.

I hope this helps,

Eszter

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• # 116479
• Wed 21 Mar 2018 12:48 PM

Thanks for that. I have been getting contradictory info one minute saying pushed to 2020 then saying its now live after a pilot of one year.

But thanks for the advice.

Digit

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• # 116545
• Thu 29 Mar 2018 03:21 PM

Hi Digit,

the MTD regime covers different taxes so the first MTD action that goes live is MTD for business regarding VAT
then the MTD will be extended to income tax and corporation tax... for unincorporated businesses and landlord of course CT for incorporated entities.

So it is not contradictory just have to watch out which tax we talking about.

Eszter

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• # 116604
• Wed 18 Apr 2018 03:02 PM

I prepare tax returns for clients who are retired and so only have P60s for their pensions, or for directors who give me their P60 where I don't file the accounts.

So, there is scope for SA tax return clients that won't necessarily be affected by MTD in the first wave or indeed for some time to come.

Alison

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• # 116608
• Thu 19 Apr 2018 05:41 PM

Pensioners with only pensionincome will fall under simplified assessment so they won't have to file tax return at all :)

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