In a little over a year, many businesses will be required to keep digital records of their finances. Sole traders, small businesses, including landlords and the self-employed, will be required to keep records of their income and expenditure digitally, and send summary updates quarterly to HMRC from their software or app.
It is estimated that £8billion is lost to HMRC each year due to avoidable taxpayer errors. This failure, along with the drive to turn the department into a modern digital online service provider are the objectives behind the changes.
Contact Jenny at JMJ Bookkeeping for full details of what the changes mean to you and what your obligations following April 2018 will be. Don’t delay, contact me for free, friendly advice and assistance with all aspects of tax and book keeping.
Read the full details here.