Latest News

Making Tax Digital

Ola Pietraszewicz, tax director at AP Accounting Solutions Ltd, outlines HM Revenue & Customs' plan to go digital and what you can do to prepare for the transition.


HMRC have had a series of consultations on how they intend to deliver 'Making Tax Digital'. From April 2018, all but the very smallest of unincorporated businesses and landlords (turnover less than £10,000) will be required by law to keep their records on accounts software.


Many people already do that – but there will be an additional requirement in that, the software must be capable of sending information to HMRC every three months.


At the moment HMRC are not going to ask tax payers to make quarterly payments unless they choose to do so voluntarily.
What action do you need to take now?


You will need to think about making arrangements for your accounting records so that they are ready for digital submission. This may be by simply contacting your current accounting software supplier to ensure your software is up to date.


Suppliers are starting to release information about these changes now, so don’t delay. If you are not sure how you will make the submissions to HMRC or you don’t currently use any form of accounting package, please contact us to discuss your options.
The wait is now on to hear of the findings of the HMRC consultation and how this will work in practice. There are lots of questions to be answered and details to be ironed out. But Making Tax Digital is coming, so do watch this space for further information.

 

Latest News