The government is set to implement its Making Tax Digital (MTD) initiative, which it hopes will create a ‘transparent and accessible tax system fit for the digital age’.
As part of the regime, taxpayers must move to a fully digital tax system, with businesses and individuals required to register, file, pay and update their information using a secure online tax account.
Businesses will eventually be required to supply up-to-date information in respect of their income tax and national insurance contributions (NICs). Updates will need to be made at least quarterly.
Bourne & Co can assist businesses in making full use of this system, and can provide advice and support in regard to the quarterly updates required by HMRC.
We will also be keeping up to date on the latest developments in relation to MTD.
Please contact us for more information.