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Digitalisation of your interaction with HMRC

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Simon will discuss some ideas around digitisation and its increasing relevance in business.

Making Tax Digital (MTD) – is this HMRC turning into Big Brother?
Social Media – not just a potential HR issue at work
The future of reporting to HMRC and how they will monitor it

Publié dans : Business
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Digitalisation of your interaction with HMRC

  1. 1. The Business Journey November 27, 2018
  2. 2. Business Journey Partner Simon Murrison @simonmurrison
  3. 3. Social Listening …
  4. 4. For those that don’t know who we are …. ‘Team Bald’ ..
  5. 5. The real Big Brother is watching you ..
  6. 6. HMRC introduces Connect … Launched in 2017 Cost over £100M to develop Designed to identify those who have paid too little tax
  7. 7. HMRC introduces Connect … Deals with information available in government departments or as part of the digital footprint that people leave when they use the internet.
  8. 8. HMRC ..What can they find out about you Visa and Mastercard transactions: Anonymised information on all payments Land Registry records:To determine properties purchased, and stamp duty paid DVLA: Details of cars purchased and owned by individuals UK and overseas bank accounts: From this year it receives information from banks in more than 60 countries.
  9. 9. HMRC ..What can they find out about you Internal tax documents: Systems show council tax paid, relevantVAT registration, previous tax investigations, last year's tax return (or absence of one) Earnings: From any employer, including those you have worked for casually, or on an ad-hoc basis.This includes any company benefits received. It can also access child benefit and maintenance payments through the child support agency Online marketplaces: Websites such as eBay and Gumtree can be accessed to weed out regular traders
  10. 10. HMRC ..What can they find out about you Social media:The Connect system can also look at public social media account information, including fromTwitter, Facebook and Instagram Web browsing and email records: Under the 'Snoopers Charter' HMRC will be able to access individual's digital information
  11. 11. Perhaps not the best idea on Facebook ….
  12. 12. HMRC ..Some quick wins … My Big Fat GypsyWedding – several individuals caught spending thousands of pounds of undeclared income on lavish family weddings. Estimated £3Bn of additional tax that the system has yielded to date
  13. 13. The link to MakingTax Digital Connect’s importance to HMRC will continue to grow with the planned introduction of quarterly returns under the proposed MakingTax Digital system when the cross checking of information will be carried out even sooner than at present.
  14. 14. MTD –The reason MakingTax Digital is a key part of the government’s plans to make it easier for individuals and businesses to get their tax right and keep on top of their affairs. HMRC’s ambition is to become one of the most digitally advanced tax administrations in the world. MakingTax Digital is making fundamental changes to the way the tax system works – transforming tax administration so that it is:  more effective  more efficient  easier for taxpayers to get their tax right
  15. 15. MTD – timescales (VAT) VAT-registered businesses with a taxable turnover above theVAT threshold are required to use the MakingTax Digital service to keep records digitally and use software to submit theirVAT returns from 1 April 2019. NO LONGER ABLETO USETHE CURRENT GOVERNMENT GATEWAY SYSTEM! (cant type in numbers – bookkeeping MUST talk to MTD system)
  16. 16. MTD – timescales (IncomeTax) Some businesses and agents are already keeping digital records and providing updates to HMRC as part of a live pilot to test and develop the MakingTax Digital service for IncomeTax. If you are a self-employed business or landlord you can voluntarily use software to keep business records digitally and send IncomeTax updates to HMRC instead of filing a Self Assessment tax return. (from HMRC’s website) Not before April 2020 but coming soon ……
  17. 17. MTD – the real reason Bridging the gap .. The tax gap is the difference between the tax that should be paid to HMRC and the actual tax that has been paid. Keeping the tax gap consistently low is a result of HMRC’s work to help customers get things right from the start, and the department’s sustained efforts to tackle evasion and avoidance.
  18. 18. MTD – the real reason The tax gap trend shows a long-term decline – it has reduced from 7.3% in 2005 to 2006 to an estimated 5.7% in 2016 to 2017, or £33 billion. This is the same percentage tax gap as for 2015 to 2016, which has been revised down from last year’s estimate of 6%.
  19. 19. MTD – the real reason Key findings from the Measuring theTax Gap publication include:  small businesses made up the largest proportion of unpaid tax by customer group at £13.7 billion;  taxpayer errors and failure to take reasonable care made up £9.2 billion of unpaid taxes by behaviour, while criminal attacks made up £5.4 billion;  incomeTax, National Insurance Contributions, and CapitalGains Tax made up the largest proportion of the tax gap by tax type at £7.9 billion for 2016 to 2017, equivalent to 16.4% of Self Assessment liabilities;  theVAT gap showed a declining trend over time, falling from 12.5% in 2005 to 2006 to 8.9% in 2016 to 2017.
  20. 20. MTD – moving forward … At present only one way system – bookkeeping to HMRC What if that was expanded the other way? Big Brother – looking at all your internet footprint and your bookkeeping records …..What would the effect on the tax gap be then?
  21. 21. Get inTouch If you would like to chat about your business or your personal finances Call: 0141 290 0262 Email: simon@muwca.co.uk Visit: www.muwca.co.uk for more info about our services
  22. 22. GetSocial At Murrison &Wilson we embrace new mobile technology and social media. Find out our latest news and views, watch our videos or choose to keep in touch in a way that suits you best.
  23. 23. Questions for Simon
  24. 24. Date for the diary The next Business Journey event February 19, 2019