Small Business Tax Planning in Gloucestershire by ESB Accountancy
Taxation is moving to a digital age in Glos.
Under the Government’s Making Tax Digital strategy, most businesses will be required to keep track of their tax affairs digitally and to update HMRC at least quarterly.
To comply with your requirements in the new digital age, you will need to keep digital tax records and record and categorise your receipts and expenses.
Apps and software will be available for these purposes. It will be essential that you update your records on an on-going basis so that you are able to provide the information to HMRC on time for each quarterly update.
Getting ready for Making Tax Digital
Although you will not need to start providing HMRC with digital updates until April 2018, it is not too early to start planning for the transition to a digital tax world.
It is advisable to discuss with your tax adviser sooner rather than later what Making Tax Digital will mean for you and what changes you need to make to your existing processes to ensure that you will be able to comply with your digital reporting requirements.
Introduction to Making Tax Digital
Making Tax Digital is a key part of the government’s plans to make it easier for individuals and businesses to get their tax right and keep on top of their affairs – meaning the end of the annual tax return for millions.
Every individual and business now has access to their own personalised digital tax account and these are being regularly expanded and improved.
HMRC’s ambition is to become one of the most digitally advanced tax administrations in the world, modernising the tax system to make it more effective, more efficient and easier for customers to comply.
Please talk to us at ESB Accountancy to discuss the structuring of tax efficiencies and the benefits of planning ahead – with several decades of financial experience here in Gloucestershire you can either ring us now on – email us on firstname.lastname@example.org or click the Contact Us buttonor please fill the form at the bottom of the contact us page.