The government announced its vision for modernising the tax system at March Budget 2015 - Making Tax Digital. Then, in the Spring Budget 2017, it 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.
We know that the majority of businesses, self-employed people and landlords want to get their tax right first time, but the latest tax gap figures show too many businesses are prone to making mistakes. The amount of tax not collected due to avoidable taxpayer errors and carelessness has risen to over £8bn a year. This not only costs the public purse – it also creates cost, uncertainty and worry when HMRC is forced to look into their affairs.
We at JIS will ensure that your affairs are up to date for the changeover and help you to unlock your business potential.
The video is from HMRC.gov.uk explaining making tax digital.
If you would like us to help you in the change over to making tax digital call us on 01932 22 55 33 or email us at email@example.com