As customs and tax collectors are pre-occupied with finalising Brexit, the roll out of new digital tax system known as Making Tax Digital has been delayed by HMRC. Making Tax Digital is a scheme designed to simplify the management of individual and business tax payments. The digitalisation of the yearly tax return hopes to phase out the traditional self-employed tax return scheme.
Recently, a number of our offices have taken questions surrounding HRMC's "Making Tax Digital" initiative. One of the most commonly asked questions is, "how will Making Tax Digital affect my small business?". We will discuss the HMRC initiative and address that very question and take a look a case study, showing you that moving your tax affairs online can be a simple process and managed quite easily by your local TFMC accountancy office.