MAKING TAX DIGITAL – ARE YOU READY?
Making Tax Digital started for many from April 2019 and cannot be ignored.
This is part of the government’s plans to make life easier for individuals and businesses to get their taxes right and keep on top of their affairs. The aim is also for HMRC to transform into one of the world’s leading digital tax authorities.
By centralising the data, the government agencies will have a snapshot of an individual’s tax affairs the information will be sooner so that errors can be dealt with faster.
Although Making Tax Digital began with VAT in April 2019, we are now facing changes with taxpayers having self employment and property income of more than £50,000.
HMRC will only accept submissions made directly through accounting software, manual submission will no longer be accepted. Keeping paper records is possible but the information will have to be submitted using software – we can help you with this, we have the software and can advise on a pathway forward for your business.
DON’T BE CAUGHT OUT – CALL US ON 02380 650 165 or email info@rgp-associates.co.uk
