HMRC report “Making tax digital” predicts that by 2020 all tax payers will be able to everything related to their taxes, whether it is to register, pay, etc. whenever they want since everything will be fully digital. A major change to UK tax system making the entire process faster, more accurate and efficient than any tax system based on paper allows.
HMRC vision is to transform the current tax system into a fully digital and real-time system. Something that is in line with HMRC current policy on how tax payers should keep their tax records, stressing that tax payers do not need to keep a paper copy of the original documents, they can keep them on paper, digitally or as part of a software program (like bookkeeping software).
In fact in HMRC website, tax payers can find the HRMC Record Keeping Software Providers List, which presents to users a number of software suppliers that have produced simple record keeping applications to help accounting professionals manage their documents and, in the case of PaperLess software, to have those documents directly linked to transactions in Sage 50 Accounts, Sage 200 Business Suite and Sage 200 Extra Online.
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