What does this mean for you?
HM Revenue & Customs (HMRC) are currently in consultations regarding a radical change in the UK tax reporting system. Their aim is that by 2020 most businesses, self-employed people and landlords will be requried to keep track of their tax affairs digitally and update HMRC at least quarterly via thier digial tax account. These changes will be introduced for some businesses from April 2018, and will be phased-in by 2020 giving businesses time to adapt.
A copy of HMRCs full report summarising the proposals can be downloaded here: making-tax-digital
As a firm, Stevens & Willey are keeping a close eye on the outcome of the consultation and are working on possible solutions that will be available to our clients. We already advise our clients on the various online (cloud based) software packages that are available and have clients using Quickbooks, Sage One, Kashflow and Xero. We will keep our clients posted as to the changes and how they will be affected, but if anyone has any queries, please do not hesiate to contact one of our team.