Avrupa Times/London-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. The government announced its vision for modernising the tax system at March Budget 2015. At Spring Budget 2017 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. You can read more detailed information about this announcement in this tax information and impact note. We’ve also set out below what the next steps will be. Every individual and business now has access to their own personalised digital tax account and these are being regularly expanded and improved.
Zek and Co partner Ali Sener FMAAT says :
"Making Tax Digital presents significant benefits for our customers. It will mean that they will not have to give HMRC information that it already has, or that it is able to get from elsewhere – for instance from employers, banks, building societies and other government departments. Digital tax accounts for all will mean that customers can see the information that HMRC holds and be able to check at any time that their details are complete and correct. HMRC will use this information to tailor the service it provides, according to each of our customers’ individual circumstances.Making Tax Digital for business We know that the majority of businesses, self-employed people and landlords want to get their tax right first time, but the latest tax gap figures show too many businesses are prone to making mistakes. The amount of tax not collected due to avoidable taxpayer errors and carelessness has risen to over £8bn a year. This not only costs the public purse – it also creates cost, uncertainty and worry when HMRC is forced to look into their affairs. HMRC wants to help businesses get their tax right first time and to prevent them from feeling punished for making honest mistakes. That means reducing the likelihood of errors, lowering the chance of unwelcome compliance checks and giving businesses greater certainty that they are getting things right. Making Tax Digital for business is an important step in this direction. "
Ali Sener added:
"Our customers should not have to wait until the end of the year or longer to know how much tax they should pay. HMRC will collect and process information affecting tax as close to real time as possible, to help prevent errors and stop tax due or repayments owed building up.The introduction of digital record keeping and quarterly updates for the majority of businesses, self-employed people and landlords will reduce mistakes and will lay the foundations to go further, with digital nudges and prompts to help businesses steer clear of errors. It will also give businesses a clearer view of their tax position in-year. All of this will enable small businesses to meet their tax obligations at minimum cost and minimum disruption. Making Tax Digital for businesses will bring the tax system into line with what businesses and individuals now expect from other service providers: a modern digital experience. New technology is continually transforming the way people and businesses shop, bank, travel, communicate, and trade. The appetite for digital services is strong, and relying on a predominantly paper-based tax system makes no sense in the 21st century. However, there is no question of forcing those who cannot go digital to do so. HMRC will ensure that there are alternatives for those who genuinely need them, and help will continue to be available for businesses who want digital support."
Zek & Co. is an established firm of Accountants and Business advisors based in Wood Green, North London. ZEK & Co Accountancy Services pride ourselves on a high quality service, maintaining close and regular contact with our clients. ZEK & Co Accountancy Services measure our success by yours. Their strength is in being committed and enthusiastic about the success of your business as well as giving a personal and friendly service at competitive cost. Choosing the right accountant to advise you on your personal and business issues is important. Appropriate professional advice is one of the most valuable assets you can acquire. Crucially, it must come from someone who understands you and your business and who has the resources and expertise to match your changing needs as your business grows.
Who the ZEK & Co Accountancy Services Are?
At Zek & Co, They have the resources to offer the full range of services that our private and business clients need. But They have deliberately controlled our growth so that we can maintain personal contact, central to the way we conduct business with our clients.They have attributes of a larger firm in terms of expertise and service, yet retain the values of a smaller firm in terms of client relationships. ZEK & Co Accountancy Services clients’ success comes about through:
A personalised approach to client affairs
The timely and efficient way in which we work
Understanding client’s individual needs
Providing proactive advice and support to help our clients attain their goals.
Providing advice and ideas on saving and paying less tax
Zek & Co Services
Zek & Co offer a range of high quality accounting, financial and business services and will work closely with you to provide a service that is tailored to your individual needs, or those of your business. To discuss how we can assist you further or to arrange an initial consultation, please contact Zek & Co.
Accounting & Bookkeeping
Payroll Services / Pensions Auto Enrolment
Year end Accounts & Taxation
Year End Accounts
Accounting & Bookkeeping
Workplace Pensions and Auto-enrolment
Zek and co experienced payroll team who are able to assist you with:
Identifying who will be affected – and who will need to be auto-enrolled.
Communicating with your staff – as to how they will be affected.
Planning for your staging date – to ensure your payroll is ready for auto-enrolment.
Selecting the appropriate pension advisor – based on your requirements/people.
Explaining the financial impact of auto-enrolment – on your profit/cash flow.
Together, we can offer an all-encompassing solution to include payroll processing, the on-going administration of auto-enrolment, and the implementation of a pension scheme compliant with the auto-enrolment legislation.
To discuss their auto-enrolment services please contact
Zek & Co Accountancy Services
576A Lordship Lane
London N22 5BY
Tel: 020 8881 8844
Fax: 020 8881 8847