MAKING TAX DIGITAL - Big Changes!
from MARSLAND NASH
Making Tax Digital (MTD) is an initiative from HM Revenue & Customs, and it is the biggest change for you and us in the way we deal with bookkeeping, accounts and tax returns for over 20 years.
Please use these pages to keep informed of the developments for MTD as they progress, and the support we will be offering clients within our services. These pages will be continually updated so please keep an eye on them.
The implications for businesses and individuals are significant, and in most cases we are all going to have to make fundamental changes in the way we deal with our affairs. However due to recent government changes to the programme of implementation of MTD, introduced in July 2017, the first relevant date that businesses will need to consider MTD is now April 2019, as opposed to April 2018 as it was before the recent changes.
In extremely simple terms, HMRC want businesses to report their accounts and tax information to them on a quarterly basis rather than annually, so they have a “real time” picture of your transactions and likely tax liability. Their aim is that this will also see the end of the Personal Tax Return, as they intend to collect the information required digitally via the MTD returns rather than via the annual tax return process.
As a result of the recent July 2017 government changes, we are putting together separate MTD pages for our website, which will enable you to select the business type relevant to you, and focus on the issues that will affect you, rather than getting bogged down with all the details. Watch this page for these additional pages which will be available very soon!
Please feel free to call us to discuss MTD and how it is likely to affect you.
Check your records and manage your details with HM Revenue and Customs (HMRC) using your Personal Tax Account.
Access your Personal Tax Account on your PC, tablet or smartphone
Over 13 million people are already using their Personal Tax Account, you may wish to sign up for your account if you have not already done so.
it takes you straight to the HMRC sign up page and it’s quick and easy to do!
With it you can:
- check and change your address
- see what tax code you’re on, and how your tax is calculated
- check your state pension and your National Insurance record, obtain a state pension forecast
- go paperless – gets texts and emails from HMRC rather than letters
- manage your tax credits and Child Benefit payments
- track the progress of any forms you’ve submitted to HMRC
...........and the list is growing.