The Practical Guide to Limited Company Tax
If you have chosen to operate your business as a limited com...
By Lynne Gowers on 17th February 2017
How many times this week have you completed some sort of transaction online?
From ordering groceries, to booking cinema tickets, to paying bills; every day millions of us are embracing the simplicity and speed of digital services. Going forward the Government is also embracing technology and is working to modernise the UK’s tax system.
What we aim to do here is give you an overview of the big picture of Making Tax Digital – we’ll look at what it is, the various strands of the project and a timeline for who will be affected when.
Making Tax Digital is the name of the initiative to transform tax administration through the implementation of a fully digital tax system by 2020. The changes will apply to taxpayers in all walks of life, including most businesses, the self employed and individual personal taxpayers.
The government have set out four foundations which need to be in place and work in synergy to bring MTD to full fruition by 2020:
The phased roll-out plan for MTD began in early 2016. HMRC has forecast that by 31st March 2017, seven million taxpayers will have activated their Personal Tax Account (PTA). All 40 million UK tax payers have an account ready for them and just need to sign up.
Here is a summary of the other key milestones to come:
January – June 2017
July – December 2017
January – June 2018
July – December 2018
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