Making Tax Digital - what do you need to know?

Making Tax Digital is a key part of the Government’s plans to make it easier for individuals and businesses to get their tax right and keep on top of their affairs – eventually meaning the end of the annual tax return for millions.

Making Tax Digital will affect individuals, businesses, trusts and companies, with small businesses likely to be affected earlier than larger corporates. Eventually everyone (and every business) will have their own online tax account.

No action to take just yet...

HMRC plans to start testing the Making Tax Digital reporting system from April 2017 with an initial cohort of  around 100 testers in place for the pilot, with ambitious plans to expand the number of testers to the thousands by the autumn.  After a full year of testing, plans are to have digital communication and quarterly reporting of profits to HMRC for businesses’ income tax and National Insurance in place from April 2018.

We’re on the ball

Change is clearly coming and we’ll be ready for it. The team at Johnston Carmichael will be keeping a close eye on digital tax developments and will provide you with regular updates on HMRC’s digital agenda.

Got a question?

If you have any questions at this stage, please contact Susie Walker, Head of Tax, at:

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