From the Institute of Chartered Accountants in England and Wales (ICAEW) – Tax News (my highlights) :
The number of self assessment (SA) tax returns filed by the 31 January 2018 deadline for 2017 returns has once again reached a new high. 10.7 million taxpayers submitted their return on time and 9.9 million of these were filed online. For those interested in statistics, this means that more than 92.5% of total returns were completed online. And of course it does also mean that over half a million tax returns remain unfiled.
Don’t be alarmed or startled if you receive a message like this in your inbox this/last month! It’s from HMRC, and if you’re paying tax under Self Assessment, almost certainly about the fact that another tax year has passed and so you’ll need to file another, annual tax return.
Making Tax Digital
There has been much talk in the press recently of upcoming changes to the way businesses and individuals are going to need to report details of their tax affairs to HMRC, this is called ‘making tax digital’.
Below is a brief guide of what we currently know about HMRC’s plans to implement the making tax digital’ regime.
This is very much at an early stage and the proposals and/or timetables are likely to change so this article represents a brief summary of the key known details at the date of publication, being 8th February 2017.