The government have announced a complete change to the way businesses currently report their income and expenditure to HMRC.
Under the new system there will be a quarterly online reporting of income and expenses and then a further annual declaration making a minimum of five submissions to HMRC each year.
This compares to the current system of one submission with an annual tax return.
The new system is currently expected to start in April 2019, although the start date has already been amended by the government a number of times.
It is vital that businesses plan for these changes well in advance and we would welcome the opportunity to discuss how we can help with your record keeping and reporting requirements.