A shakeup of how businesses and organisations report their business activity to HMRC is on the way and firms will, from April 2019, have to change their procedures to meet new regulatory demands, writes Adam Bernstein
A new tax regime has been rattling around Whitehall for some five years and the first element will be in place from April 2019. Called Making Tax Digital (MTD), it’s designed to change how HMRC interacts with taxpayers and how they report their profits. The change is not related to Brexit but will be compulsory and will change how businesses record and report every individual transaction they make. It really is the biggest change to come out of the corridors of HMRC in years and it’s going to make life for businesses markedly more complex. […]
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