What’s all this about ‘making tax digital’?

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If you are like the dentists we work with, you are wondering about the changes which have started to come through regarding your online tax systems.tax

Here’s the news so far from our tax specialists…

HMRC have plans to ‘simplify tax’ by 2020. They plan to obtain and present as much information as close to real time as possible. Accounting or property information may be required to be supplied on a quarterly basis in due course.

At the moment, HMRC’s plans are at a very early stage and consultation about the new systems continues.

What did start in April 2016 is the ability to set up and view your digital tax account. You can do this even if you’re not registered for self assessment.

The information you can view is dependent on your circumstances but an indication of what is available is:

  • Check your Income Tax estimate and tax code
  • Claim a tax refund
  • View your tax credits and Child Benefit where appropriate
  • View your State Pension Forecast

There will be more services added leading up to 2020, including further information on income that will be shown in the digital tax account.  By this time you should be able to see a complete financial picture.

To create and view your digital account, visit www.gov.uk/personal-tax-account and follow the instructions to set up a government gateway account.  The process will advise what information you need to do this. You will definitely need your National Insurance number.

You will see that your digital tax account holds useful information but do discuss it with your accountant before making any changes. They should be able to help and advise you.

If you require further support do place your query in the box below. I’ll be sure to arrange for one of Clear Vision’s tax specialists to contact you. Alternatively, just call the team on 01249 712074. We’re here to help and will be glad to discuss the above developments with you.

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