Small businesses to benefit from HMRC digital reforms
Most SME's have little time to do anything, let alone fill in a tax return. Now HMRC are making big digital changes to improve the whole process.
From 6th April, HMRC begins automating submission of information businesses currently have to file from the agencies which already hold it. From 2018, information on bank and building society interest will start to be included in tax codes, removing the need for many taxpayers to report this income separately in a tax return.
This all means the information HMRC will require quarterly will be far slimmed-down from today’s tax return tome, with the aim to take taxpayer submissions through online accounting software by 2019.
For more information on the changes visit SmallBusiness.co.uk.