The Revenue has produced a new video designed to explain the new Making Tax Digital system. Designed to explain how the new tax system will work for small and medium sized businesses the video shows how you can manage your tax liabilities using a smart phone.
Click here to view the video https://youtu.be/So1U0RzUGcs
HMRC plans to abolish the annual tax return by 2020 and the initial announce raised concerns that small businesses would have to complete four tax returns a year. The video explains that this is not the case.
HMRC financial secretary David Gauke said “What it means is that by 2020, most businesses will be keeping track of their tax affairs digitally, updating HMRC at least quarterly via their digital tax account.
“Importantly, these quarterly updates will not involve the complexity of a full tax return, where the business, or their agent, has to gather together and manually input data onto an electronic or paper form, and then perform various calculations.”
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