The new digital initiatives from the HMRC are worth looking at as the digital landscape is incorporated to encourage a more expedient service and user friendly environment. This is known as HMRC’s Making Tax Digital which will be achieved by 2020.
The Digital initiatives that have been added by HMRC are as follows.
1. A personalised digital account will need to be used by business to manage all tax matters
2. Businesses whose income is below £10,000 will not need to use the new Make Tax Digital system
3. 12 months’ leeway will be given to businesses before the digital tax system becomes mandatory
4. HMRC website will move to GOV.UK
5. Agents will be able to use Online Self Service
6. A Twitter account @HMRCBusiness will be used to help small businesses
7. The Twitter account @HMRCCustomers account provides Q&A’s for a variety of issues aimed at small businesses
8. Smartphone apps developed by the private sector will help small businesses keep accurate up-to-date records of business income and expenses
9. Live webinars and online seminars will be held at various times during the week and the weekends
10. YouTube videos featuring quick guides for small businesses will be added regularly and will cover a wide range of issues
11. E-Learning packages will explore subjects affecting the small business in a structured manner with tests available after units to increase confidence and long-term learning
Many updates will be available regarding this new digital initiative in the next coming months.
Shoaib Aslam is the co-founder of Pearl Chartered Accountants, a UK-based chartered accountancy firm that has multiple locations across London. They are experts in helping startups and established businesses with all aspects of growth, strategy, scaling up, accounting and tax planning.