Here is an overview of some of the key changes coming in the near future.
Secure, Convenient Access to Services
Customers will be able to view, access and manage their chosen services using a mobile device, laptop or PC using their My Account portal. The portal will be secure, ensuring the protection and privacy of their personal data, whilst providing a simple, intuitive way of managing their Tax or VAT affairs at a time and place that fits around the customers’ business.
Making Tax Digital
HMRC will soon undertake a series of reforms to their services, referred to as Making Tax Digital (MTD). This will bring with it a series of new reporting requirements and, as the name suggests, focuses on the digitisation and convenience of Tax services.
- The creation of an online Tax account for all UK taxpayers, which will bring together all factors affecting Tax, including PAYE, CIS, pensions and benefits
- A requirement for digital record keeping for Tax and VAT
- The submission of quarterly data to HMRC using compatible digital bookkeeping or accounting software
By using IN-SYNC Tax, customers will not need to worry about the additional requirements, as they will be taken care of as a standard part of the service.
VAT Domestic Reverse Charge for the Construction Industry
A new anti-fraud measure will come into force from October '19, known as the VAT domestic reverse charge. The process aims to remove the VAT from construction sub-contract supply chains, which will have a significant cash flow impact on certain types of businesses. From October, operating the simplified VAT Flat Rate Scheme (FRS) will no longer be viable for FRS registered sub-contractors.
We will help anybody affected by these changes, by helping them to switch to standard VAT accounting in order to claim back input VAT on paid on expenses, thus helping them to retain the best financial benefits.
The Evolution of Banking
Following the latest payment services directive (PSD2), many of the biggest banks are being forced to allow their customers to access better deals from other banks and financial institutions in a pro-competition initiative called open banking.
In addition to these changes within the traditional banks, there are a number of online-only 'challenger' banks who provide innovative and customer friendly services through mobile apps.
These developments will make it easier than ever for customers to securely share their banking transaction data, if permitted, with us here at IN-SYNC Tax. In doing so, we can use the data to build a real-time picture of our customers' business income and expenditure, allowing us to improve the quality of our service delivery, along with the customer experience.