Making Tax Digital - Solutions & Updates
3 videos • 3 views • by PRB Accountants Network Marketing Specialists According to HMRC, Making Tax Digital is being introduced to make it easier for individuals and businesses to get their tax right.and keep on top of their tax affairs. It will supposedly transform the whole UK tax system to make it more efficient. We shall see. The idea is that H.M. Revenue & Customs want business owners to report their business transactions on a quarterly basis directly from a piece of accounting software, but what many people don't realise is that many of the changes have been put on hold for the time being. The only imminent change is for VAT-registered businesses with effect from April 2019 for VAT periods commencing after the 1st of April 2019. Businesses will need to submit their VAT Returns using accounting software that can file directly into the HMRC system. Ultimately, digital accounting is here to stay, and despite the implementation timetable being amended on what seems like a fairly regular basis, there's no getting away from the fact that all businesses will have to update their tax reporting systems in some shape or form. We'll continue to add relevant videos to this playlist as the Making Tax Digital implementation process gathers steam. In the meantime, if you'd like any help or advice on this new tax reporting system please do not hesitate to call us on 01444 458 252. Thank you.