Making tax digital: HMRC’s myth-buster
By Kirsten Hastings, 29 Jan 16
Horror stories have been rife since HM Revenue and Customs (HMRC) committed to transforming and digitising the UK tax system at the March 2015 budget. To allay fears the tax regulator has addressed some of the myths that have arisen.
MYTH: Business will need to complete four tax returns every year
No. Businesses will not need to file four tax returns a year.
The new digital accounts will integrate all the different information businesses already provide to HMRC into a simple, streamlined system.
Instead of one big, onerous tax return each year; once a quarter businesses can check that the information they are collecting digitally is correct, and simply click “send” to update HMRC.
Tags: HMRC
