News & Updates
Helpful Tips and Updates
There’s always something new and interesting to learn in the dynamic field of accounting. Manage your finances correctly and minimize loss by reading about the latest industry developments. Don’t forget to check out my accounting tips and stay informed on the best practices for handling personal finance.
MAKING TAX DIGITAL
Making Tax Digital is a key part of the government’s Tax Administration Strategy. It will help reduce the tax gap by requiring businesses and individuals to:
keep digital records
use software that works with Making Tax Digital
submit updates every quarter, bringing the tax system closer to real-time
The benefits of Making Tax Digital
Making Tax Digital supports HMRC’s plans to digitalise the tax system. It will:
make it easier for individuals and businesses to get their tax right
mean customers can integrate tax management with a range of business processes through software
contribute to wider productivity gains for businesses by encouraging digitalisation
It will help reduce the amount of tax lost to avoidable errors due to the:
improved accuracy of digital records
additional help built into many software products
digital records being sent directly to HMRC
10 Tips to Filing Tax Returns
But one way or the other, if you’re self-employed, you’re obliged to file a return.
Here are 10 practical tips to make the process as smooth as possible: