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UK businesses may have to file up to 4 tax returns per year

If you are in the UK you might be interested to know that our government is planning to make us file tax returns *4* times per year. Apparently they snuck this into the small print on the budget. I only heard about it yesterday. Once a year is bad enough!

Much as I hate to link to the Daily Fail, there is a bit more about it here:
http://www.dailymail.co.uk/debate/article-3358727/STEPHEN-GLOVER-FOUR-tax-returns-year-giant-firms-don-t-pay-penny.html

You can sign this petition against it if you live in the UK.
https://petition.parliament.uk/petitions/115895/
Andy Brice Send private email
Friday, December 18, 2015
 
 
I would ask if they even tried to justify this, but probably not, if they snuck it in.



AC
Reluctantlyregistered Send private email
Friday, December 18, 2015
 
 
Sounds like my accountant fees are going up - what a PIA.
Anon123 Send private email
Friday, December 18, 2015
 
 
Fraud it until audit, I always say.

To other people.
Bring back anon Send private email
Friday, December 18, 2015
 
 
Sorry guys, but I don't understand what you are fuzzing about.

If you do proper and timely accounting, submitting that tax return (electronically) should be done with a click on a button in your accounting software.

Even back in the time when I did accounting myself and had to submit by paper, it took me less than 15 minutes to fill in a couple of figures in a form, print it, sign it, stuff it in an envelope and send it off.

I'm based in Germany and have to file (preliminary) VAT returns every month! - No big deal.
PhilS Send private email
Wednesday, December 23, 2015
 
 
Hi PhilS,

One of the consequences is that small companies will have to *pay* corporation tax 4 times a years rather than once.

This will have some implications on cash flows and the capital gerrymandering we've been able to enjoy.
Marcus from London Send private email
Thursday, December 24, 2015
 
 
I don't see this as negative as you make it sound. You should not pay your accountant more (or substantially more), because he is doing 1/4 of the tax return 4 times.

I actually think it is a good idea. It helps you keep your books always up-to-date.
Abid Omar Send private email
Tuesday, December 29, 2015
 
 
> I'm based in Germany and

You're German, you couldn't possibly expect us to be as organized as you.

The real effect is that most UK home business owners will end up filling 8 or 12 returns (because there would be 4 personal returns instead of 1) instead of 2 or 3 (business, husband, wife).

The 2 small business federations are both already complaining bitterly, and the amount of extra money they're hoping to raise by this measure is comparatively tiny (just $600m per year - less extra admin costs to HMRC), so I'm hopeful the politicians will abandon it.  Especially since HMRC are marketing it as a benefit to tax payers!
S. Tanna Send private email
Wednesday, December 30, 2015
 
 

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