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.