Making Tax Digital

Always wanted to run your own business but couldn't due to complications with HMRC and earnings? Well maybe now is the best time for you to start! HMRC are bringing an end to all complications raised regarding your tax by simply requiring you to send quarterly updates of your income. Not only will the complications disappear, but say hello to a range of new benefits with the Digital Tax update!

Foundations of Making Tax Digital

1) Better use of information
This process will eliminate customers having to give HMRC information that it can acquire from elsewhere (employers, banks, building societies and government departments), customers will be able to review information held by HMRC at any time to ensure their details and complete and correct. Say goodbye to complications!
2) Tax in real time
Ever sat down during the 6 th month of the financial year attempting to work out how much tax you need to pay at the end of the year? You will not need to anymore! The new update allows customers to view their tax as close to real time as possible.
3) A single financial account
Currently taxpayers don't have resources available to view their liabilities and entitlements in one single financial account; however, by 2020, HMRC are changing that and individuals will be able to view their complete financial picture in their digital account. More and more benefits!

4) Interacting digitally with customers
All customers and agents involved will be able to communicate with HMRC digitally and at a time that suits them; HMRC will be offering 24-hour webchat similar to Apple to aid customers, together with the combination of the new digital account (larger personalised picture of their tax matters, entitlements and liabilities) it makes matters much easier to resolve and mistakes much harder to make!