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Making Tax Digital Makes a Comeback

We all thought making tax digital had been shelved. Officials at HMRC had apparently “pulled the plug” on the idea.

To be honest, most contractors were happy at the news. They didn’t like the idea of filing a tax return 4 times a year…even if it was online.

Well, get ready to be shocked, because word on the street is that making tax digital is making a comeback.

Yes you read that right. While the millions of contractors and self employed of our nation assumed MTD had gone the way of the dinosaurs, it appears HMRC were working behind the scenes, in a secret lab in a undisclosed location, in order to bring back the idea of a quarterly tax return online.

In fact, if recent reports are to be trusted then HMRC already have 35 software suppliers who are chomping at the bit to get this thing “LIVE” and “PUBLIC.”

Not only that, but 18 small businesses have completed a round of testing of the software, and they say everything is almost ready to launch.

When exactly? Next April according to insider sources, where high income contractors will be expected to report their earnings on a quarterly basis.

Hang on a minute. Have we not heard this one before? I seem to remember reporting a few times about how MTD was getting ready to launch…only to have the rug pulled out from under us all at the last minute.

It got shelved so quietly that many pundits wondered if it would ever see the light of day again. Well, here we are once again and yes, the light of day is about to be seen.

If it really is a GREEN LIGHT on project MTD then we can expect chaos in the contracting world.

As I mentioned earlier, most contractors were luke warm at best on the idea of doing a tax return 4 times a year, and there were some who just downright disliked the idea.

Also, let’s not forget that it requires digital financial records to be kept if you have to file your tax returns online, and in my opinion, this is sure to ignite mayhem and confusion among those contractors who try to go it alone.

The solution? A contractor accountant of course…who else? Nobody.

If you have a contractor accountant in your corner then they can become your go-to expert on all things “making tax digital.”

You can even hand everything over to them and allow them to wave their magic wand and get everything setup for you.

You might not agree with MTD…but you can make it a lot easier with a contractor accountant.

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