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Making Tax Digital - Starts 2019...I'm ready, are you ?

The end of the Annual Tax Return....well almost as now it will be 4 times a year !

Posted 30/11/2015

OK, so you are self employed and every year it's a real pain to prepare your records ready for your Accountant so he can prepare your Accounts and Tax Return.  Well, if you think you've got it bad now wait until 2020 as by then you will have to do it up to four times a year if the Chancellor has his way.

It didn't make the headlines but during his Autumn Statement speech the Chancellor promised an injection of £1.3bn to deliver “the most digitally advanced tax administration in the world” by 2020.

The new digital tax accounts (DTAs) will require most businesses, self-employed people and landlords to keep track of their tax affairs digitally and update HMRC "at least" quarterly. “This will give individuals and businesses a more convenient real-time view of their tax affairs, providing them with greater certainty about the tax they owe,” said Mr Osborne in his speech. 

There was also a sting in the paperwork tail. The government stated it will consult on "whether to align payment dates and bring them closer to the point when profits arise, so that taxpayers make a single regular payment that covers all their tax affairs”. If this happens then the self employed can look forward to their own version of PAYE.

The full details are due to be revealed at the end of January next year so watch this space but in the meantime now is perhaps the time to consider how you can digitise your record keeping.

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