As you may be aware in the 2015 Budget it was announced that HMRC plans on introducing online tax accounts for individuals (Personal Tax Accounts “PTA”) and small businesses (Business Tax Accounts “BTA”). The idea behind this is to have one place detailing all the information needed for the taxpayer to understand their tax position.
The government have stated their plans to make businesses, self-employed people and landlords update their online account quarterly. This will start from 2018 and by 2020 will include all businesses, self-employed people and landlords. These updates are not required however for individuals in employment or in receipt of pension income, where their secondary income ie self-employment or lettings income is less then £10,000.
The plan is that by the time quarterly reporting is required there will be a host of free apps that will link to your PTA.
There are still a lot of questions that have yet to be answered regarding the quarterly reporting however we will keep you up to date with the latest information on our blog and newsletter.