In recent years, the government started phasing in its landmark Making Tax Digital (MTD) initiative. It also outlined a vision to modernise the UK’s tax system, with digital tax accounts replacing tax returns for ten million individuals and five million small businesses.
As part of the regime, taxpayers must 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 and national insurance contributions (NICs). Updates will need to be made at least quarterly.
RNS can assist businesses in making full use of the MTD system and can provide advice and support in regard to the quarterly updates required by HMRC.
We will also be keeping up to date on the latest developments in relation to MTD.
Please contact us for more information.