Note: Cartoon drawn in 2007 describing the plans as they were at that time. Always seek up to date advice.
This is a cartoon drawn for my accountants, Morgan Cameron, about the Government’s ‘Making Tax Digital’ scheme. In summary: from 2019 businesses and people like me will have to submit our tax information four times a year, instead of once, as we do now. You can read more about Making Tax Digital here.
The plan, as I understand it, is for the whole process to be ‘digital’, whatever that means. A lot more time will need to be spent on record keeping, rather than doing it all in one go for an annual tax return. HMRC will get some of the information ‘directly from from employers, banks, building societies and other government departments’.
If you need an accountant to help make sense of it I can recommend Morgan Cameron, who have been helping me with my tax return for a number of years now.
Warning: never take financial or other advice from a cartoonist.