What’s all this about ‘making tax digital’?

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If you are like the dentists we work with, you are wondering about the changes which have started to come through regarding your online tax systems.tax

Here’s the news so far from our tax specialists…

HMRC have plans to ‘simplify tax’ by 2020. They plan to obtain and present as much information as close to real time as possible. Accounting or property information may be required to be supplied on a quarterly basis in due course.

At the moment, HMRC’s plans are at a very early stage and consultation about the new systems continues.

What did start in April 2016 is the ability to set up and view your digital tax account. You can do this even if you’re not registered for self assessment.

The information you can view is dependent on your circumstances but an indication of what is available is:

  • Check your Income Tax estimate and tax code
  • Claim a tax refund
  • View your tax credits and Child Benefit where appropriate
  • View your State Pension Forecast

There will be more services added leading up to 2020, including further information on income that will be shown in the digital tax account.  By this time you should be able to see a complete financial picture.

To create and view your digital account, visit www.gov.uk/personal-tax-account and follow the instructions to set up a government gateway account.  The process will advise what information you need to do this. You will definitely need your National Insurance number.

You will see that your digital tax account holds useful information but do discuss it with your accountant before making any changes. They should be able to help and advise you.

If you require further support do place your query in the box below. I’ll be sure to arrange for one of Clear Vision’s tax specialists to contact you. Alternatively, just call the team on 01249 712074. We’re here to help and will be glad to discuss the above developments with you.

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Original Article: What’s all this about ‘making tax digital’?
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About Clear Vision

The traditional method of setting goals and gauging the success of a dental business does not automatically provide you with what you need and want. As the dental business owner, it puts you last in the queue. Clear Vision believes that your business should deliver the lifestyle you want. So when you work with our friendly and vibrant team of accountants and business advisers, it starts with you. What you want. How you want to create a difference in your life. Tell us your goals and we’ll work to help you develop a strong, positive dental business which delivers the life you want for you and your family. We have worked with dentists all over the UK since 2001. Dentists who share the same challenges and issues as you. And we’ve seen what factors will really make the difference in improving your results and increasing your rewards. So you benefit from what we know works and doesn’t work. For a taste of the insights we share check out our blog for dentists: www.clearvisiondentalblog.co.uk. We’re ready to share our experience and insights with you. Simply call our friendly team on 01249 712074 for an informal discussion. You’ll have our ear, our understanding and the considerable expertise which comes from successfully improving the lives of dentists like you.