Chartered Tax Advisers & Accountants

Making Tax Digital

The idea of Making Tax Digital was first mooted in the 2015 Autumn Statement with the announcement that the Government wanted to replace the annual tax return with some form of quarterly accounting for the self-employed, landlords and partnerships.  Limited company obligations will also follow.  As more and more people become aware of this "quarterly reporting", concern is growing as to how this will impact on the self-employed.  

The Government's consultation on Making Tax Digital closed on 7 November 2016 and M&S submitted their responses to these consultations on 4 November 2016.  We expect final decisions regarding the consultation will be announced in the forthcoming 2016 Autumn Statement on 23 November.  As M&S are deeply concerned about these changes and their potential impact, we will be watching the Autumn Statement more closely than usual, and will provide our usual summary shortly afterwards.

We hope the information in this page will prove useful to you but if you have concerns as to what these changes might mean for you or your business please contact Stewart McKinnon, Tax Director or Wendy Cheung, Tax Manager or by emailing makingtaxdigital@msactax.co.uk


What are the costs to your business of HMRC requiring the self-employed to do four tax returns a year?

Published On: 13/05/2016

One of our clients is carrying out a survey (independent of ourselves) to ask self-employed businesses if they know about the proposed changes by HMRC to self assessment tax returns and what, if any, problems they will cause.  The survey, which can be accessed by clicking here, only takes a few minutes to complete and we’d be grateful if you would help with this.  We will be able to get access to the results and report them back to you later this year.

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