Paper tax records are being phased out. Online tax filing, payment and digital tax records have become commonplace. In line with this, the government has introduced Making Tax Digital (MTD), which is digitising the UK tax system.
MTD for VAT (for VAT-registered businesses over £85k) is already mandatory. MTD for income tax (affecting the self-employed and those with income from property) and MTD for corporation tax are expected to start in 2021. To help individual taxpayers move to a digital system, the government is also encouraging Personal Tax Accounts (PTAs) which enable people to contact HMRC, update their financial details, check their tax affairs and make payments. So that you don’t get left behind, we can:
- Improve your understanding of digital tax records
- Install compatible software packages (i.e. Receipt Bank, Sage and Xero)
- Train you to record and submit your own digital tax records
- Maintain and submit digital records on your behalf