The New Digital Tax
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 technology.net https://www.publictechnology.net/articles/news/hmrc-seeks-calm-fears-over-digital-tax-shake