Making Tax Digital

The income tax system as we have known it for the last 20 years is about to change dramatically. From April 2018 businesses whose turnover exceeds £85,000 will be required to keep their records in a digital format and to send HMRC an electronic quarterly summary of income and expenditure. After the end of the accounting[…]

Firms Prepare for Making Tax Digital…

Businesses will be given at least 12 months to prepare for the transition to digital tax accounts. Businesses, self-employed people and landlords will need to submit quarterly updates to HMRC. There records will need to be kept digitally by 2020, but this will be phased in. The current plan is to start quarterly reporting from[…]