May 3rd, 2017.

The digital tax switch over is fast approaching, and business owners need to be prepared for one of the biggest changes in the UK revenue and customs system in a generation.

Think back to 2008 — the Olympics were in Beijing, Barack Obama was elected president of the United States, and the UK began its digital TV switchover. This switch saw the UK’s terrestrial television converted to digital while analogue channels, broadcast from thousands of transmitter sites, were turned off.

First announced in 2005 and finally completed in 2012, there was ample time to prepare for the digital TV transition. Unlike the TV switchover, the digitalisation of the UKs tax system is fast approaching, and many small businesses are rushing to be prepared.

The government announced in 2015 that by 2020 most businesses, self-employed people and landlords would be required to keep track of and update HM Revenue and Customs (HMRC) of their tax affairs digitally.

While some business owners may rejoice in the news, after being overloaded with paperwork and often frustrating communications with HMRC over the years, for others, the transition may not be so effortless.

For the full story at CLICK HERE.