HMRC are looking for more volunteers to use its pilot scheme for Making Tax Digital for Income Tax. The full scheme will become mandatory from April 2023 for individuals who are self-employed or have a property rental business with annual income of more than £10,000. If you want to get ahead of the game by complying with the new software and other requirements, joining the pilot seems like a good plan.
Although Chippendale and Clark aren’t actively encouraging their clients to be HMRC’s guinea pigs, we are getting our self-employed clients ready for the new transition by also encouraging them to move over to a digitalised system.
Chippendale and Clark utilise systems such as Quickbooks, Xero and Dext to ensure best practice when it comes to digitalising the bookkeeping records.
For information on these systems, please click the links below:
As part of the process HMRC is also making “multi factor authentication”, also known as two-step verification, a requirement for all businesses and organisations using the Government Gateway to access its online services. Since 15 June 2021 you can only access your business tax account if you’ve set up two-step verification.
If you haven’t logged in recently, we recommend you do so now, and set up two–step verification by following the on-screen instructions. It only takes a minute or two.
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