Making Tax Digital – Will You Be Ready??
It is HMRC’s aim to take all small business owners and tax payers onto digital reporting systems (cloud software and smart phone applications) by April 2018. Currently the threshold is for businesses with turnover of £10,000 and over though this is still in consultation. There will be 4 digital reports per year and no annual tax return. Christa Cameron of C A Cameron ACA, chartered accountants of Haddington, will take you through the basic requirements as known to date.