Contracting specialist Nova Contracting says support mechanisms are already in place for clients and agencies to move to HMRC digital accounts for self assessment.
The online tax accounts, announced in the recent Budget, aim to replace end-of-year tax returns. The Government has set a target for five million small companies and ten million individuals to switch next year.
Nova Contracting Director, Marcus Green said:
“We already work with agencies and contractors to provide year round tax planning services and the proposed HMRC digital tax accounts for self assessment will formalise that process.
“If successfully implemented, the online accounts will create information dashboards, which will help employment providers and contractors to keep track of earnings, pensions, savings and liabilities.
“The timescale is ambitious and the system will be voluntary initially, but we will ensure that our clients are fully supported through the transition.”