Making Tax Digital
Don’t worry about the introduction of Making Tax Digital, we can help you. Below are answers to some frequently asked questions but if you require any further information or support please call us directly on 01233 849 099.
WHAT IS MAKING TAX DIGITAL?
Making Tax Digital is a government reform replacing annual tax returns with quarterly reporting and requiring digital submission of VAT returns.
WHO DOES MAKING TAX DIGITAL APPLY TO?
Although there are exceptions, it applies to most businesses, self-employed people and landlords, as well as individual taxpayers.
HOW DOES IT WORK?
Through a digital account:
Tracks your business’s tax affairs and liabilities.
HMRC collect and process your tax information close to real time.
You’ll no longer have to wait until the end of the tax year to know how much tax you owe.
WHAT DOES THIS MEAN?
Individual Taxpayer
- no more tax returns
- ability to pay tax during the year
- upload or update your tax account in real time
- all of your tax information in one place
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Small Businesses
- all of your tax information in one place
- no separate notifications of change of address or other details
- easy payment process
- less direct contact with HMRC
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HMRC
- end of the tax return
- more efficient interaction with taxpayers
- support for taxpayers to “get it right first time”
- “Customer Golden Record” – all of the information about a business or individual in one place
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For help, please call us on 01223 849 099.
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