You may also have heard about the UK Government's Making Tax Digital (MTD) initiative. Their aim is to make the tax system easier, more efficient and more transparent.
This means a lot of changes including the end of annual tax returns and the start of quarterly tax returns.
These changes will begin to impact UK businesses soon.
From April 2019 – VAT registered businesses will be required to use MTD when completing VAT returns quarterly
From April 2020 – All businesses (including Landlords) with turnover over £10,000 per year and all companies will be required to file quarterly accounts using MTD
Five returns a year will be required to be sent to HMRC for each business (four regular quarterly returns and an annual ‘finalisation’ return) after the dates above.
The Government will release more detail on MTD over the coming months.