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Window Cleaning Forum / Re: MAKING TAX DIGITAL - DISCUSSION
« Last post by The Jester of Wibbly on Today at 07:03:59 pm »All HMRC needs is total income, total expenses, and the calculation from those two figures for profit per quarter.
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It's obvious that electric vehicles would be subject to road tax eventually (as more people are forced to buy them). Its not a surprise. I don't know how the per mile charging will work though. Its probably better to just have an annual one off payment.
My accountant reckons it's a prelude to quarterly tax payments, a few years down the line.MTD is being phased in depending on your turnover.
That'll be fun.
from April 2026, for those with qualifying income over £50,000
from April 2027, for those with qualifying income over £30,000
I too would bet that quarterly tax payments are on the way just like the way VAT payments work.
50,000 profit or turnover?
It's Turnover. gross profit..
For me when ready I will be using 123 sheets. Simple bridging spreadsheet costing £20 for the year.
Will 123 sheets work with George do you think?
You cant use George to send the data to HMRC, that's why bridging software is needed like 123 sheets to do that job.
George like any other software is classed digital. It's just good bye to old fashioned paper and pen and paper storage.
Read the FAQ on 123 sheets page, they are really good.
If using George you will still need to make sure all expenses are kept separately and digitally stored instead of filed paper. I never use George for accounting anyway. I use a spreadsheet, I created, set up like a p&l recording all expenses. I then enter a total income onto my sheet each month from George.
I will just modify my spreadsheet so it also pulls calculated quarterly totals aswell. Then transfer those figures to 123 sheets . It's really simple.
Apologies to deviate slightly but does anyone employ via the government apprenticeship scheme?
Daz, if you lead a truly blessed life you’d not be on here trying to convince others they’re amateurs.
It’s just your ego talking.
Ha ha Nice! On a little wind up are we?
Do you troll when you’re not drinking by any chance!