The rollout of Making Tax Digital began with the introduction of digital accounts last year - but what do your clients know about the initiative? A recent research study conducted by FreeAgent revealed that 84% of micro-business owners still don’t feel they have enough information about how Making Tax Digital will affect them.1
To help you guide your clients, we’ve produced a concise handout on the basics of Making Tax Digital for micro-businesses and freelancers. It explains what Making Tax Digital is, what its objectives are and how it will affect the way taxpayers report information to HMRC in the future. It also includes a handy abridged version of HMRC’s timeline to highlight the key milestones for micro-business owners and freelancers.
Once you’ve downloaded the handout, you can either email it to your clients or print it out and pass it on to them at your next appointment.
The content in this handout is based on HMRC’s ‘Making Tax Digital’ guide and was last updated by FreeAgent in March 2017.
1. Research carried out by FreeAgent among 701 micro-business owners in December 2016-January 2017.