Small firms are being forced to file four online tax returns a year under the latest HMRC 'Making Tax Digital' initiative.
With an estimated 55% of new businesses failing within 5 years, it is important that you do the groundwork before starting out on the path of business ownership.
The start date for the implementation of MTD has been pushed back following the Prime Minister's decision to call a snap General Election, but switching to digital tax accounts is still going ahead.
Making Tax Digital (MTD) is an HMRC initiative designed to make sure the UK tax system is effective, efficient and easier for taxpayers to get their tax right.
Cashflow problems closed down an estimated 350,000 businesses in the UK in 2016-17, according to recent statistics from the Office for National Statistics, with half of UK’s small and medium-sized businesses (SMEs) being paid late.