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Making tax digital - an essential move

PACEY works closely with HMRC to ensure our members are consulted and kept up to date with requirements that affect the running of their business. Back in January we reported on the introduction of "Making tax digital for Business". Since then, we've been in discussion with HMRC to best support you to meet changing requirements.

The government is committed to reducing burdens for taxpayers and building a transparent and accessible tax system fit for the digital age. At the March 2015 Budget, the government set out the vision for a transformed tax system and the end of the tax return.

More than two million small businesses are already using HMRC digital accounts, and digital accounts for individual taxpayers were introduced this year.

By 2016, every individual and small business will have access to their own secure digital tax account - a bit like an online bank account - that enables them to interact with HMRC digitally. There’s much more that HMRC can do with today’s technology to make tax easier, transforming tax administration into a personalised service, tailored to the needs of each taxpayer.

By 2020, businesses and individual taxpayers will be able to register, file, pay and update their information at any time of the day or night, and at any point in the year, to suit them. For the vast majority, this means that there will be no need to fill in an annual tax return.

For more information on the proposals read HMRC's Making tax digital road map, then, feed back your comments. 

Have your say

Since the launch of the roadmap, HMRC has been working with stakeholders,including PACEY, to explain the Making Tax Digital vision, to discuss and understand their concerns, and to work together to resolve any issues and make changes to our designs.

There is still a lot to design and develop before 2020.

HMRC have published a package of six Making Tax Digital consultations. Don’t worry, you don’t need to respond to all six, but do take a look at the overview and feedback on what is relevant to you and your business.

If you want to find out more about the consultations HMRC, is hosting a series of webinars. Book your place below:

  • 27 October (1pm-2pm) and 31 October (12pm-1pm)
    Introduction to Making Tax Digital - an overview of all the consultations around specific elements of the Making Tax Digital reforms.
  • 26 October (3pm-4pm)  
    Simplifying tax for unincorporated business and landlords.

HMRC want to hear your views and concerns, and to work with you to understand how they can make these changes work for everyone.

The closing date for these consultations is 7 November 2016.