Making Tax Digital (MTD) is HMRC’s strategy to modernise tax administration for taxpayers.  Some highlights from their latest published MTD time-line include:

2016

• test digital reporting of accounts by some small businesses
• testing using the RTI (payroll real time information) system to report back to tax payers how their personal allowances are used

2017

• test digital reporting of letting income by some landlords
• new on-line billing system for tax
• taxpayers to be able to report new sources of income through their digital accounts
• automatic tax code adjustments prevent PAYE under and overpayments

2018

• bank and building society interest automatically updated into personal tax accounts
• most businesses, sole traders and landlords to report accounts on-line quarterly

 

As with all of our tax tips and web pages this information is necessarily summarised and of a general nature.  If you would like detailed specific advice please contact us.