The Government’s plan to introduce a fully digital tax system will change the way companies and taxpayers record and report their income to HM Revenue & Customs. AHB can provide full support and guidance to assist you with this transition and ensure your systems comply with all HM Revenue and Customs requirements.
Making Tax Digital is intended to bring the UK tax system into the 21st century by providing businesses with a streamlined, modern system of keeping their tax records and provide information to HM Revenue & Customs (HMRC). The timetable for rolling Making Tax Digital has been amended to ensure that small businesses have more time to prepare for the changes.
The first to be affected will be small businesses and individuals with a turnover above the VAT threshold of £85,000, who will be required to keep digital records for VAT purposes from April 2019.
HMRC are at present piloting “Making Tax Digital” with only a few software providers, but by 2019 and 2020 it is hoped more providers will be added to the list
Making Tax Digital’s new reporting function will allow HMRC will to look at your tax information almost immediately, reducing human error from data input.
HMRC anticipates taxpayers will better understand how much tax is owed within the digital tax account – much like online banking.
Making Tax Digital will make it easier for you to contact HMRC online via webchats and secure messages.
We are fully committed to supporting our clients through the transition to Making Tax Digital. For more information, please call our office on 02382 148189 and speak to one of our advisers