The Digital tax revolution moves a step closer
In our article last September, we provided an overview of the consultation being undertaken by HMRC around ‘Making Tax Digital’.
The consultation has now been completed and the findings have been summarised together with the next steps.
As suspected, it was never a case of if the changes would happen, but more of when and realistically how they may be practically implemented.
Some flexibility has been shown, to allow businesses to continue using spreadsheets, free software will be available to the majority of the smallest businesses and businesses that cannot go digital will not be required to do so.
So quarterly returns and online personal tax accounts will be a reality for many of us very soon.
HMRC have now published more information on how businesses, the self-employed and landlords will benefit from plans to modernise the tax system.
You can read more by clicking here