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The government is due to implement its Making Tax Digital (MTD) initiative over the coming years, which it hopes will create a ‘transparent and accessible tax system fit for the digital age’.
The new regime will see taxpayers move to a fully digital tax system, with businesses and individuals required to register, file, pay and update their information using a secure online tax account.
Businesses will eventually be required to supply up-to-date information in respect of their income tax, VAT and national insurance contributions (NICs). Updates will need to be made at least quarterly.
Silver Sevket & Co can assist businesses in making full use of this new system, and can provide advice and support in regard to the quarterly updates required by HMRC.
We will be keeping up to date on the latest developments in relation to MTD.
Please contact us for more information.
21 Sep 2020
HMRC data has revealed that UK businesses have voluntarily returned more than £215 million in overclaimed Coronavirus Job Retention Scheme (CJRS) payments.
25 Aug 2020
Outlining ways in which the UK can boost employment.