HMRC are proposing to transform the tax system by 2020 under their Maxing Tax Digital reforms. The aim is to make the system more effective, efficient and easier for tax payers. At the moment HMRC is consulting with businesses until 7th November 2016 and Margaret Turner from Turner & Co Chartered Accountants wants to hear your views.
What does this mean?
From 2018 most businesses, the self-employed and landlords with a turnover of £10,000 or above will need to use software or apps to keep their business records, and use these to update HMRC quarterly. HMRC proposes to simplify the underlying tax to support these changes.
The key proposals include
Who will be affected?
What does HMRC want to know?
HMRC are keen to get your views on the following questions as part of the consultation:
If you have any view on this proposal Margaret turner would love to hear from you. She is collating responses to respond to HMRC
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