A Guide to HMRC’s ‘Making Tax Digital’

A Guide to HMRC’s ‘Making Tax Digital’

HMRC making tax digital

HMRC’s ‘Making Tax Digital’ will be achieved by 2020. These changes reflect the importance of the digital world in our lives and have been incorporated by HMRC. Their aim is to ensure a more convenient service and user friendly interface online. Here are some of the digital services added or to be soon added by HMRC.

  • All businesses will have a personalised digital account used to manage all tax issues except those whose income is below £10,000
  • HMRC will allow businesses 12 months to move onto the digital tax system before it becomes compulsory
  • HMRC website will be supported by GOV.UK
  • Agents will also use an Online Self Service
  • Twitter account @HMRCBusiness will support small businesses directly
  • Twitter account @HMRCCustomers specifies a variety of Q&A’s directed at helping small businesses find information online
  • Small businesses will have to keep precise up-to-date records of income and expenses by using Smartphone Apps
  • Live webinars and online seminars to be conducted to support businesses with these changes and other issues
  • Quick guides for small businesses via YouTube videos will present and cover a wide range of topical issues
  • E-Learning packages aimed at guiding and supporting small businesses will feature information in a structured format with quick unit tests to reinforce learning throughout

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