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George Osborne's Brave New World - II (How to cope with quarterly accounts)

Cumbria's floods have stopped me keeping up to date with my posts about George Osborne's Brave New World of quarterly digital accounts.

This week's publication of HMRC's document Making tax digital which outlines how their proposals will transform the tax system, so that it is more effective, more efficient and easier for taxpayers (their words not mine) has prompted me to start again.
Leaving aside my initial comment on Twitter
it's important to look at the graph on page 10 which shows in April 2018

Most businesses, including the self employed and landlords, will update HMRC quarterly

Which means that most businesses have just over two year to put their accountants in a position where they can submit quarterly accounts.

Most businesses will have to make huge changes to their bookkeeping to make this happen. Online accounts programs will become the norm rather than the exception.

If you're not using one at the moment speak to an accountant who actively encourages their clients to "go online".


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