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Business News: The New Digital Tax

The New Digital Tax

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New plans to make businesses keep digital tax records and to send quarterly updates to HMRC has been claimed to help cut costs for businesses by £400 million a year. The new system, which will come into force by 2018, offers huge benefits to businesses. It will save time and money and providing extra data would address a cause of business failure.

Quarterly updates would not have the complexity of a full tax return, however some businesses do not currently use computers so would be unable to adopt digital tools.

"Complex and off-putting year-end returns will become a thing of the past. And it will unlock a number of other improvements, including the capability increasingly to tailor HMRC's communications with businesses, for example, about reliefs and allowances, and how they can make best use of them”~ The Conservative MP

Source- Public


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