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Making Tax Digital

The government's plan of Making Tax Digital is arguably the biggest change businesses are likely to face since the introduction of Self Assessment. In short, rather than completing a Tax Return every year, businesses will be required to report their income and expenditure to HMRC at least every 3 months.

The government had initially planned to introduce this for sole traders from April 2018, but have recently announced that it is being pushed back to April 2019. This should give accountants, software suppliers, businesses and HMRC themselves time to work out how this change will work in practice.

While filing four returns to HMRC each year instead of one doesn't sound too appealing for most, as long as your record keeping is in place, and you are aware of your obligations, it shouldn't be too painful. We can help get you ready for the switch to Making Tax Digital, and set you up with an appropriate method of record keeping to ensure more Tax Returns doesn't result in more of your time being spent away from your business.

We receive regular updates from professionals and software providers involved in the consultation with HMRC regarding this, so will keep all of our clients informed of their obligations as new information is received. Subscribe to our newsletter to be kept up to date.

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