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July insider newsletter

1 July 2016

finance advise - Haleys

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Businesses will require software for digital tax accounts.

Businesses will need to submit their tax and financial information quarterly using software that's compatible with HMRC's systems.

In a letter to financial secretary to the Treasury David Gauke, Andrew Tyrie, chairman of the Treasury Select Committee, said that submitting records in a "prescribed digital format" would bring a financial burden to small firms that currently don't have accounting software or use computers.

In his reply David Gauke, said:

"HMRC will ensure that compatible software products are available to suit the budgets and needs of all businesses, including some free products for those small businesses with the simplest affairs."

This article also includes information on:

  • Managing digital accounts
  • Second payment on account reminder
  • Interest charges
  • Steady income as highly valued as salary
  • Employee stress and productivity
  • Workers not planning for retirement
  • The role of the state

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