Major overhaul of tax reporting will be topic of discussion at Marlborough business breakfast
A digital revolution that promises an end to annual tax returns will be discussed at the next meeting of Marlborough Chamber of Commerce.
Making Tax Digital is a key part of the government’s plans to make it easier for individuals and businesses to get their tax right and keep on top of their affairs - meaning the end of the annual tax return for millions.
However, HMRC will be expecting quarterly updates from taxpayers.
This represents a significant change in accounting practice for thousands of self-employed people, sole traders, partnerships and small companies across Wiltshire.
The government announced its vision for modernising the tax system at March Budget 2015. And in this week’s Spring Budget the government announced that it would provide 3.1 million small businesses with an extra year – until 2019 – before they are required to keep digital records and send HMRC quarterly updates.
Making Tax Digital will be explained by Adrian King from Marlborough accountants Bew & Co at the monthly Marlborough Chamber of Commerce business breakfast on Wednesday, March 15 from 7.30am until 9am at Marlborough Golf Club.