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).

The Future of HMRC is Digital
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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