Making Tax Digital – HMRC are committed to building a transparent, more integrated and accessible tax system. As at March 2015 the government set out the vision for a transformed tax system and the end of current tax return.
Many small businesses already have access to their secure online tax account and digital accounts for taxpayers have been introduced this year.
By 2020, businesses and individuals will be able to register, file, pay and update their information 24/7. No more waiting till the end of the financial year and getting a surprise tax bill.
The four foundations as per HMRC
Are you ready for Making Tax Digital?
From April 2018, and phased in by 2020, businesses (initially unincorporated), including everyone who is self-employed and those letting out property, will update HMRC at least quarterly where it is their main source of income.
Don’t wait until the deadline, start getting organised now. Trekim Online Accounting Services can help you get ready. Whether you just need some help to get the systems in place and support managing it going forward, or if need bookkeeping help, we can partner with you to help you achieve this.
Click here to get the official document from HMRC