You may be aware of the recent announcement by HMRC to introduce a digital tax system.
If these proposals are implemented they will bring in fundamental changes to the tax system.
It is intended that they will be introduced gradually from April 2018.
Some of the main points are:
- Most businesses and landlords will need to use software or apps to keep their business records.
- Updates will need to be provided to HMRC four times per year.
- Some people will be exempt from these changes.
- All taxpayers will have a Personal Tax Account with HMRC, so they can see at any time the tax paid and the tax that is due.
- There will be a voluntary “Pay as you go” system introduced.
The proposals are at an early stage, but we are already considering the implications for our clients.
Please rest assured that we are on the case!
We will let you have more details as to how the changes might affect you over the next few months and we will keep you informed as matters progress.
In the meantime, please get in touch if you need any further information as this stage.