So what exactly are Digital Tax Accounts? They sound like a wonderful idea. Your bank’s computer looks at your sales income, works out how much tax you need to pay, and then deducts it. No more hassle. No more annual accounts or tax returns. No more accountancy fees. Me out of a job?
Or could they be the Construction Industry Scheme extended to the whole of British industry? I think that is more likely, knowing the Revenue, and that I will find employment for a little while yet. My own systems are fully computerised and happily able to deal with fractional accounts production throughout the year. I could be looking forward to this.
David Porthouse & Co is a firm of accountants based in Carlisle in North West England. We have a keen interest in new technology with the aim of speeding up accounts production and making accountancy more affordable for our clients. We are pioneers in the introduction of automated processing and optical character recognition.