I received an email from my professional body today which mentioned tax simplification having read the following a few days before:
Under MTD quarterly reporting you have to complete 16 returns, each of which generates a potential penalty if you miss it. Each obligation has a separate bucket of potential points for generating penalties.
Therefore, Aplin explained, the opportunity to make a mistake and therefore incur a penalty increases massively once MTD for ITSA comes in.
You couldn't make it up and the plot would be rejected as unbelievable even if it had been devised by Baldrick for a Blackadder episode. I'm still waiting for the HMRC officials who ignored just about every consultation warning about the implementation of NRCGT (with the obvious and predicted resulting chaos) to be court marshalled, but it looks as though they must have been promoted to run the implementation of MTD for IT.
At least there are some like-minded individuals out there...an example below:
Ensure at a minimum some low quality data is filed to HMRC by at least 30th April 2024, the earliest possible penalty date - assuming of course these are not suspended as would normally happen in the first year of implementation. This might be via a number of methods. But my guess is by that point HMRC will be under huge pressure to abandon the project once it becomes public knowledge of how stupid this is and we might well even have a new government by then looking to win over small businesses and landlords rather than brutally punish them and bury them in red tape.