The rollout of Making Tax Digital has already begun with the introduction of digital accounts last year - but what do your clients know about the initiative? A recent research study conducted by FreeAgent reveals that an astonishing 43% of micro-business owners don’t yet know what Making Tax Digital is.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 513 micro-business owners in July 2016.
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