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Penny & Pounds

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Tuesday 19th of February 2019

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Making Tax Digital

  • Posted by:
  • Admin
  • Tags:
  • HMRC, Annual Tax Return
  • Posted date:
  • 09-10-2018

Making Tax Digital

Making Tax Digital is a key part of the government’s plans to make it easier for individuals and businesses to get their tax right and keep on top of their affairs – meaning the end of the annual tax return for millions.

The government announced its vision for modernising the tax system at March Budget 2015.

At Spring Budget 2017 the government announced that it would provide 3.1 million small businesses with an extra year (until 2019) before they are required to keep digital records and send HMRC quarterly updates. You can read more detailed information about this announcement in this tax information and impact note.

We’ve also set out below what the next steps will be.

Every individual and business now has access to their own personalised digital tax account and these are being regularly expanded and improved.

For more information, check out the information on the gov.uk website here: https://www.gov.uk/government/publications/making-tax-digital/overview-of-making-tax-digital