What is Making Tax Digital?
Making Tax Digital is part of the government’s plans to ensure that individuals and businesses are on top of their tax affairs.
It is HMRC’s intention to collect regular information about individuals and businesses through a digital tax account. HMRC claims that this will provide a significant benefit for their “customers” i.e. the taxpayers.
It is intended that customers of HMRC will not have to wait until the end of the year or longer to know how much tax they should pay. HMRC will collect and process information affecting tax as close to real time as possible.
Taxpayers already have a digital tax account which has increasing amounts of information. It is intended that digital record keeping software will be linked directly to HMRC systems in order that taxpayers can send and receive information to and from HMRC directly from their software.
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