I am responsible for two family trusts and am now advised by HMRC that I need to submit tax returns on-line but need to purchase commercial software for this purpose. Does anyone have experience of this and could recommend any of the 40-odd suppliers listed by HMRC?
I am unclear what tax returns you are referring to, as may HMRC, so would note that Income Tax returns can still be submitted using the paper returns issued by HMRC, with the normal October filing deadline for paper returns.
HMRC may have responded about the requirement to submit VAT returns online under VAT for MTD, where the relevant turnover threshold is exceeded, and there should be six month deferment for trusts to October 2019.
I was asked this question by a trustee recently and, whilst I have not used these products, as we have this facility as agents within our practice software, I suggested that they investigate the following products that seemed fairly reasonable for individual trustees with small scale trust tax returns:
Incidentally, you can still submit paper returns before 31 October so not sure why HMRC advised that you needed to submit returns electronically?
Thank you very much for this, It is two small family discretionary trusts. I have a standard letter in front of me (ref SA316) which says "We won't be sending you a paper tax return so please file your tax return online." However maybe that falls short of an absolute requirement. Later in the letter it says "If for any reason you cant file your tax return online you can print a copy of a return ..." So I think I will try to do that and see what happens.
Thank you very much for this. The standard letter I was sent by HMRC said "We won't be sending you a paper tax return so please file your tax return online." Maybe this falls short of an absolute requirement, so I think I will try to download the usual forms and compete them manually. If that doesn't suffice I will try the interesting links you have kindly set out for me.
Capital Asset is defined to include:
a) Any kind of property held by an assessee, whether or not connected with business or profession of the assessee.
b) Any securities held by a FII which has invested in such securities in accordance with the regulations made under the SEBI Act, 1992.
However, the term ‘capital asset’ shall exclude the following:
a) Stock-in-trade, consumable stores, raw materials held for the purpose of business or profession;
b) Movable property held for personal use of taxpayer or for any member of his family dependent upon him. However, jewellery, costly stones, and ornaments made of silver, gold, platinum or any other precious metal, archaeological collections, drawings, paintings, sculptures or any work of art shall be considered as capital asset even if used for personal purposes;
c) Specified Gold Bonds and Special Bearer Bonds;
d) Agricultural Land in India, not being a land situated:
a. Within jurisdiction of municipality, notified area committee, town area committee, cantonment board and which has a population not less than 10,000;
b. Within range of following distance measured aerially from the local limits of any municipality or cantonment board:
i. not being more than 2 KMs, if population of such area is more than 10,000 but not exceeding 1 lakh;
ii. not being more than 6 KMs , if population of such area is more than 1 lakh but not exceeding 10 lakhs; or
iii. not being more than 8 KMs , if population of such area is more than 10 lakhs.
e) Deposit certificates issued under the Gold Monetisation Scheme, 2015