A summary of Making Tax Digital from Emily Coltman, FCA
About the author: Emily Coltman, FCA is the Chief Accountant for FreeAgent, who make accounting software for small businesses and freelancers.
Hi, I'm Emily Coltman, Chief Accountant to FreeAgent, and I'm here to tell you a bit more about Making Tax Digital – this is a government initiative that aims to streamline the administration of taxes in the UK and make it more efficient to file your taxes.
So, what does it actually mean?
Well what it means is that anybody who's affected is going to have to file an update, at least quarterly, to the government to explain a bit more about what your business has been doing. That might be top level or it might be in more detail, as yet we don't know but we hope to find out soon.
There's a beta beginning to be rolled out from April 2017 and from April 2018 the government plans to take this live for everybody. We are expecting some more information from the revenue, hopefully in the not-to-distant future, so as soon as we know we'll let you know. We'll get it published on our site and we'll write about it so that you have that information to hand.
If you'd like more information about it, please click the link to download our guide.
If you're an accountant, we've created a handy version for you to share with your small business clients.