HMRC’s ‘Making Tax Digital’ aims to simplify how tax is recorded and submitted. The digital world will be used to achieve a quicker and more convenient online service. HMRC aim to achieve this by 2020. The most important points shall be explored.
Firstly, if your businesses have an income below £10,000 you will not need to use the new Digital tax system. For those businesses who do make an income above £10,000, they will have to register for and use a personalised digital account to administer all tax matters. All online services will be through the new HMRC website which is moving to GOV.UK. All Agents will also be able to use theis new online self-service as well. Note that HMRC have given businesses 12 months to get ready for the new digital tax system.
Social Media Services
Twitter can be used by all businesses using the @HMRCBusiness. For Small business Q&A’s and other queries the @HMRCCustomers can also be used.
Smartphone Apps can be used by small businesses to help them ‘make tax digital’. This will allow them to keep accurate records of income and expenses.
- Online seminars and live webinars with Q&A’s
- YouTube videos featuring quick guides for small businesses
- E-Learning packages with online tests