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  1. Making Tax Digital
    “During this Parliament, HMRC will make fundamental changes to the way the tax system works — transforming tax administration so it is more effective, more efficient and easier for taxpayers” says David Gauke MP on behalf of the Treasury - Click here for more information.

    This will be achieved by the government embracing the ‘Digital Revolution’ which they believe has already successfully transformed the face of UK business in other ways. It will apparently do away with unnecessary form filling and bureaucracy and avoid time delays and errors in reporting and information processing.

    In reality, it will provide HMRC with real time information so they can calculate and collect tax due more cost effectively and avoid the challenges they face collecting tax retrospectively which risks arrears building up which can easily become unaffordable.

    However, we do see advantages for the taxpayers as well. Especially how this will help with budgeting as it will be easier to see how much is due at any one time, the fact that all your tax and VAT accounts can be viewed all in one place without having to go from department to department and that a bi-product will mean you have better financial information at your fingers tips to help grow your business (e.g. through improved bookkeeping processes).

    For many small businesses though, meeting the Government’s Digital Tax requirements will require an investment in new systems, processes and associated training; a significant shift away from manual or inadequate bookkeeping systems to electronic systems that integrate seamlessly with HMRC’s new digital platforms.

    However, do not fear. Accounts Matters will provide all the expertise, support and training you will need to help you manage this transition as painlessly and cost effectively as possible. We will also help you develop the new processes and systems you will need and make sure they are used to add value within your business rather than just to meet HMRC compliance obligations.

    The better the quality of financial information you have, the more effective is your budgeting, costs control and exploiting opportunities that arise.