The end of the tax return

 

By 2020, the majority of businesses, self-employed people and landlords will be required to keep track of their tax affairs digitally & update HMRC at least quarterly via their own digital tax account.

Some businesses will be required to do this from April 2018, and remaining businesses will be phased-in by 2020.

Quarterly reports

 

Businesses currently report information on tax returns and pay liabilities after the end of the tax year. By reporting information more often, businesses will be able to view a summary of the tax due to date, how it has been calculated and their overall tax position. This will enable the self-employed in particular to budget accordingly, ready for when their liability, if any, is due. 

 

Those in employment & pensioners

 

Individuals in employment & pensioners will not be affected by these changes, unless they have secondary incomes of more than £10,000 per year from self-employment or property.

 

State Pensions & NI

 

Taxpayers will be able to see how National Insurance contributions affect their State Pension through their digital account

 

 

 

             'Now is the time to engage

               the services of a qualified bookkeeper'