{"id":80365,"date":"2017-04-03T13:49:54","date_gmt":"2017-04-03T13:49:54","guid":{"rendered":"http:\/\/mostafa.openonline.co.uk\/?guid=74db0ced044dcb5ef57429df900edfa8"},"modified":"2017-04-03T13:49:54","modified_gmt":"2017-04-03T13:49:54","slug":"news-story-hmrc-launches-a-new-way-to-report-income-and-expenses-online","status":"publish","type":"post","link":"https:\/\/mostafa.openonline.co.uk\/?p=80365","title":{"rendered":"News story: HMRC launches a new way to report income and expenses online"},"content":{"rendered":"<div class=\"govspeak\">\n<p>HM Revenue and Customs\u2019 (<abbr title=\"HM Revenue and Customs\">HMRC<\/abbr>) ambition for most businesses to keep records digitally and send quarterly summary updates moves a step closer with the launch of the Making Tax Digital for Business (<abbr title=\"Making Tax Digital for Business\">MTDfB<\/abbr>) pilot.<\/p>\n<p>In April, <abbr title=\"HM Revenue and Customs\">HMRC<\/abbr> will invite some customers, both businesses and their agents to sign up for a new way to report income and expenses online. At different stages of the pilot customers will help <abbr title=\"HM Revenue and Customs\">HMRC<\/abbr> develop and improve the new service by:<\/p>\n<ul>\n<li>using accounting software to record their business income and expenses<\/li>\n<li>sending summary reports of their income and expenses direct from their digital records quarterly or more often if they choose<\/li>\n<li>signing up to go paperless<\/li>\n<\/ul>\n<p>Based on the information they report, customers will get an estimated tax calculation.<\/p>\n<p>As soon as the new service has been tested with the first group of businesses and agents, other customers will be able to join the pilot. These customers will be able to report their income and expenses for the quarter they join as well as any previous quarters.<\/p>\n<p>Customers who aren\u2019t invited to take part in the pilot at the beginning won\u2019t be able to start sending  quarterly reports to <abbr title=\"HM Revenue and Customs\">HMRC<\/abbr> immediately, but they can:<\/p>\n<ul>\n<li>start to use accounting software to keep their records if they don\u2019t already<\/li>\n<li>check with their software supplier, or agent, that any software they use, including spreadsheets, is compatible with quarterly reporting<\/li>\n<\/ul>\n<p><abbr title=\"HM Revenue and Customs\">HMRC<\/abbr> will publish a list of software suppliers who\u2019ve developed compatible software and registered with them later in the year. Some of this software is free.<\/p>\n<p>In a recent <a rel=\"external\" href=\"https:\/\/taxagents.blog.gov.uk\/2017\/03\/09\/spring-budget-2017\">agents blog<\/a> <abbr title=\"HM Revenue and Customs\">HMRC<\/abbr> explains how it\u2019s working with tax agents to bring about this major change.<\/p>\n<h2 id=\"further-guidance\">Further guidance<\/h2>\n<p>Find out more about <a href=\"https:\/\/www.gov.uk\/government\/publications\/making-tax-digital-for-business\/making-tax-digital-for-business\">making tax digital for business<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>HMRC is making it easier for customers to get their tax right.<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"_links":{"self":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/80365"}],"collection":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=80365"}],"version-history":[{"count":0,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/80365\/revisions"}],"wp:attachment":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=80365"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=80365"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=80365"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}