Confused about the new Digital Tax Accounts? Worried about quarterly tax reporting? Here at Franks Accountants, we’ve put together all you need to know.
What are Digital Tax Accounts?
The world is changing to accommodate the increases in technological advances. Therefore, businesses are continually needing to adapt by implementing these advances in order to stay competitive. More and more services are becoming available online, from buying your weekly shop and mobile banking, to booking your train tickets or holiday package. Now, it’s HMRC’s turn, where they want to modernise the tax system. This means your tax returns will be replaced by digital tax accounts.
This means the need for annual tax returns will be scrapped, and replaced with quarterly tax reporting. You’ll be able to access a real-time view of your tax affairs and see exactly how they calculate your tax. Any information HMRC hold about you, such as, your employment or pension will be automatically brought together so you’ll never have to submit the same information more than once.
Other changes include, the option for individuals and small business to ‘pay as you go’ and changes to the PAYE codes on the digital tax accounts.
So, how can we help you?
The government are quickly phasing the new digital tax accounts in, which started happening in January 2016. So, whether you’ve already been transferred to a digital tax account, or not, we’re here to help.
For those who have the new digital tax account, we can help you understand and guide you through the system. We’ll make sure you receive all the support you need and answer all your questions as best we can.
If you’ve not yet been given your new digital tax account and don’t feel ready for the change, or have any other concerns or questions, please don’t hesitate to come talk to us. At Franks Accountants, we’ll guide you through everything you need to know, helping and advising you through the process, making sure you understand everything you need to know about the new Digital Tax Accounts.
Additionally, we meet with our clients monthly, in our Wetherby, York or Harrogate offices, or at a location to suit you. This means we will be able to easily adapt to quarterly reporting, unlike most accounts who meet with their clients annually. Our strong client relationships will also be a strong asset through this change.
Don’t let the new Digital Tax Account steer you away from setting up your own business, we know we’re ready to help the businesses of tomorrow.