Get up to speed with the digital future of tax, say experts
Individuals who believe they may have a capital gains tax liability can now pay up front as soon as it has been incurred.
HMRC launched an online service for capital gains tax (CGT) some time ago as part of its Making Tax Digital (MTD) initiative which is being rolled out over the next couple of years.
Under MTD, the aim is to ensure individuals and businesses have a digital tax account with payments being made in ‘real time’ rather than having to wait until the end of the year, removing the bureaucratic burden of the tax return for HMRC and simplifying the process for taxpayers.
Experts at Whitley Stimpson, one of the largest independent accountancy practices in the area, with offices in Banbury, Bicester, High Wycombe and Witney, say it is important that everyone is aware of MTD as it marks a major step change in how tax is reported.
Owen Kyffin, director and tax expert at the firm, said: “Real time reporting of CGT is just the tip of the iceberg as HMRC moves to a completely online system.
“While it is good to know that a one-off gain such as selling a property can be paid immediately without having to go through the self-assessment system, individuals should be aware they will still need to report that gain if they are filing a tax return.
“We welcome the MTD initiative but it is a major change and it is important that everyone is fully aware of the implications, for example with digital VAT reporting on the horizon. Confusion is inevitable but we are here to help both now and in the future as this system evolves.”
Further details of the changes and their implications are available from Owen Kyffin owenk@whitleystimpson.co.uk or 01295 270200.
More in Accountants
UK business confidence has dipped – resilience remains, but geopolitics is...
That is the overriding message from the Thames Valley Chamber of Commerce’s Q1 2026 Quarterly Economic Survey (QES), which reveals a business community continuing to operate, adapt and trade – but with confidence still fragile. The Quarterly Economic Survey (QES) is a comprehensive study conducted every three months by the Chamber of Commerce, gathering feedback from businesses across the Thames Valley region. It tracks key indicators such as sales, orders, employment strategy, investment plans and overall business sentiment, providing a snapshot of the regional economic climate and highlighting challenges and opportunities faced by firms.
Exit readiness: why it matters and how to prepare your business
For many business owners, exit planning only becomes a priority when a buyer appears. By that stage, pressure is high, options are limited, and value can easily be left on the table.
How the Thames Valley and Solent regions align with the government’s...
The government’s 2025 industrial strategy (IS-8) sets out a clear ambition to drive productivity, innovation, and globally competitive growth across eight priority sectors. The Thames Valley and Solent, spanning Berkshire, Oxfordshire and Hampshire, is already delivering strongly against these goals, underpinned by an innovation-led, IP-rich, and service-focused economy.
From this author
Why having an audit can boost your business
Many directors will wince at the prospect of an audit, seeing it as a necessary evil to meet statutory obligations.
Whitley Stimpson welcomes Sushma to Bicester
Leading accountants and business advisors Whitley Stimpson, announces the appointment of Sushma Pandey who joins the company’s Bicester office.
FRC Proposes Major Overhaul of Auditing Standards
In a bold move, the Financial Reporting Council (FRC) has unveiled proposed changes to auditing standards that could have a major impact on the financial world, according to chartered accountants and business advisors Whitley Stimpson.