UK moves towards digital tax reporting
Act now to prepare for the UK’s ‘making tax digital’ programme being phased in from April 2018.
The UK Government has confirmed that digital quarterly reporting for business tax will be phased in from April 2018. This will replace the current system that requires a single tax return after the end of the tax year. Unincorporated businesses and landlords will be the first to enter the regime, with companies and large partnerships due to follow in 2020.
Broadly, businesses will be required to submit a quarterly summary of income and expenses, with a further year-end submission to finalise the tax position for the year. There are (at present) no plans to change tax payment dates.
Anyone with business or property income in the UK should plan ahead to ensure that they can meet the new reporting requirements. This should involve a review of how records are currently kept and of what changes (including potential process or technology changes) will be required.
For more information, contact:
Saffery Champness, UK
T: +44 (0)20 7841 4000