The Future of HMRC is Digital

HMRC have clearly defined that your tax is going to have be dealt with online.
The days of completing your books and a return last minute with HMRC are coming to an end. To be implemented by 2020 at the latest, HMRC have introduced Making Tax Digital (MTD).

By 2020, sole traders & landlords with income over £10,000 will have to manage tax online with HMRC. As a result, HMRC want all the following in one central online record;

  • Income tax;
  • PAYE;
  • National Insurance;
  • Pension;
  • Self-Assessment;
  • VAT &;
  • Corporation tax.

Digital tax accounts for businesses will show an overview of income tax or corporation tax, VAT and National Insurance Contributions, plus income and expenses on a quarterly basis.

Taxpayers will be expected to use software accounting systems to record day-to-day transactions. You can categorise them into different types of income and feed back to HMRC quarterly. We recommend the use of XERO to assist with this.

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