Making Tax Digital
HM Revenue & Customs’ Making Tax Digital project represents a major reform of the current tax system and will ultimately have implications for the vast majority of businesses and for those individuals currently submitting self assessment tax returns. April 2018 will see the start of a phased introduction of quarterly tax reporting for businesses – including property businesses. Unincorporated businesses with turnovers over the VAT threshold will be the first to have to report.
Individuals will see a gradual shift towards pre-population of their tax returns, with HMRC making more use of information it already gathers from third parties such as banks and building societies. It will become increasingly important to understand who is – and who is not – providing information on your finances to HMRC, to ensure that your tax returns remain complete and correct.
Our latest briefing considers the Making Tax Digital programme and what this move to digital tax reporting will look like in practice.
We can help you to understand the implications of Making Tax Digital for you and your business, and work with you to make sure that you have the right systems and processes in place to make the transition smoothly – please get in touch with your usual Saffery Champness partner for more information.