The tax system is soon to be transformed with the introduction of a digital tax system which is aimed at making the administration of tax easier. These changes will impact individual tax payers, self-employed people, landlords and most businesses.
Tax payers will be required to digitally send in summaries of their income and expenditure on a quarterly basis throughout the year. The changes are being implemented in stages from April 2019.
This digital interaction will mean taxpayers can file, pay and update their information at any time. Enabling the taxpayer to view their financial information and see an overview in their digital account.
Taxpayers will need to start using an accounting or bookkeeping software (Cloud Accounting) that links up to HMRC to ensure that they comply with these new regulations and avoid any possible penalties
The bookkeeping services provided by Barter Durgan can help you to stay on top of your accounting requirements and make this a smooth transition for you.
Contact us today to discuss how we can help you.