I attended a webinar recently on MTD and we discussed the process of submitting quarterly returns. It then transpired that if reporting under the accruals basis a final 'tidy up' submission would be needed. Then it was mentioned that some form of 'tax return' would be needed to report any dividends, interest, HICB etc.
By my count that's 6 submissions.
If reporting under the accruals basis then the business is very likely to be VAT registered and making quarterly VAT submissions. That's 10 submissions.
If we now assume that the VAT quarters are not coterminous with the accounting period, the business could be making submissions 10 months out of the year. Is this really how the simplified tax system is supposed to work? Am I missing something?
By my count that's 6 submissions.
If reporting under the accruals basis then the business is very likely to be VAT registered and making quarterly VAT submissions. That's 10 submissions.
If we now assume that the VAT quarters are not coterminous with the accounting period, the business could be making submissions 10 months out of the year. Is this really how the simplified tax system is supposed to work? Am I missing something?