9th January 2017 Posted by - Alexander Accountancy
MAKING TAX DIGITAL
The biggest change for taxpayers in a generation.
During this Parliament HM Revenue & Customs are planning fundamental changes to the tax system.
How will you cope?
ALEXANDER ACCOUNTANCY HAS THE SOLUTION YOU NEED
Many professionals are waiting to see what will happen, whereas Alexander Accountancy is taking a proactive approach to make sure that we can offer the bespoke solution our clients will need, as we have done with auto enrolment over the last two years.
Come to the Alexander’s Business Club meeting on Thursday 19th January 2017 where we will cover Making Tax Digital for small businesses, take a look at the Alexander Accountancy solution, plus provide some Hints & Tips that may be able to save you money straight away.
We will also be offering a free 12 months trial of the software to individuals who attend and will be directly affected by the changes.
You can book on to the workshop at Making Tax Digital
Why is this being done?
The Government has stated their objectives as not just modernising the existing system, but turning the tax system in to something completely different. Having information available as close to real time as possible, stopping tax due from building up and making the collection of tax more efficient.
How will this affect you?
From 2018 everyone whose main income is from self employment, or is employed and has a secondary income over £10,000 is expected to have to report this electronically every quarter.
Taxpayers will no longer have to wait until the end of the year before knowing how much tax they owe, and will be able to pay it earlier to stop it building up.
By 2020 it is expected that nearly all businesses, self employed people and landlords will be required to keep track of their tax affairs using a digital system, update HM Revenue & Customs at least quarterly and do this through their online digital tax account.
If you have any questions or would like to meet us at one of our bespoke clinics please email in**@al*******************.uk or telephone 01283 743851
