No more tax returns – HMRC wants to talk to you!
HMRC have announced major changes in how they intend dealing with all tax payers.
From 2018-19 tax year Self-Assessment tax returns will no longer be required.
Returns will be replaced with a digital reporting requirement, HMRC have indicated that they want us to talk to them digitally.
Taxpayers will be required to deposit information with them using digital accounts accessible from apps on phones, tablets, lap-tops, whatever you use!
Businesses will have to make quarterly returns of information relating to profits.
HMRC have published consultation documents dealing with the detailed proposals. These can be accessed from www.hmrc.co.uk/makingtaxdigital.
It is vital that businesses and tax payers gear up over the next 18 months to ensure that their reporting requirements can be met.
We can advise on how this can be achieved. For a free consultation/discussion contact barry@tbmillar.co.uk.