Information HMRC Get
It is important you are aware of exactly what information the government collates on your tax affairs. Visit this page again soon for the latest on the governments proposed ‘Making Tax Digital’ plans.
Legislation that was first introduced in the Finance Bill 2017 will require businesses provide HMRC with the following:
Digital Record Keeping – Businesses will need to keep records of trading and transactions digitally, and categorise expenses with help from prompts and guidance in the software solution they choose.
Here at 1st Cloud Accountants we can advise on the software best suited to your business click here.
Establishing Taxable Profit – MTDfB will help businesses establish taxable profit. In particular, exploring when businesses (including self-employed and landlords) should record accounting and tax adjustments for the purposes of arriving at a taxable profit and how businesses should reflect both allowances and reliefs.
Businesses will then be required to provide HMRC with regular updates – Businesses (including sole traders and landlords), will be required to provide HMRC with quarterly updates under MTDfB. In particular, the level of detail the updates must contain, the time periods the updates cover, and when they should be submitted.
‘End of Year’ Activity. How businesses might finalise their taxable profit for a period, including the activity they may need to undertake and how long they should have to do so.
These changes will also include VAT and Corporation Tax and will provide a full spectrum legislative framework for both HMRC and businesses and will cover every aspect of their tax affairs.
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