Few people are aware of HMRC’s intention to make all tax digital by 2020, eradicating form filling and dealing with your tax affairs in real time.
Everyone and every business will have their own tax account, and they will be able to make payments at any time to help them keep on top of their tax liabilities.
In April HMRC are seeking sole traders to join the scheme early, with a programme for all of us to join over the next 3 years.
But information will have to be submitted quarterly. So gone are annual tax returns, but in their place new quarterly returns which include details of all transactions passing through your business.