By 2020, every single tax return will be delivered to HMRC through digital means, and with HMRC opening the ‘Making Tax Digital’ trial, we’re on the way to seeing it delivered (with some bumps along the way we’re sure). Its laudable aim is to close the tax gap, which sees over £9bn lost annually due to errors and mistakes, not avoidance, and we’re sure that everyone wants to get their tax right.
Now, with the delays to the first tranche of the Making Tax Digital project with VAT, many are unsure quite what they have to prepare for. Most software houses are yet to develop their products beyond VAT returns, and in fact only two are currently able to return income statements to HMRC in this fashion.
Instead of starting by Making Tax Digital, they probably should’ve started by making tax simpler for all concerned. To make it easier for yourself you should engage with an accountant who likes tax, they’ll deal with it for you.
Find your local AIMS Accountant today.