Making Tax Digital – Update
Yesterday HM Revenue and Customs made significant changes to the MTD timetable.
The proposed date for MTD was April 2018 but this has now changed to April 2020.
The revised timetable is;
- From 2019 – only businesses with a turnover above the VAT threshold will have to keep digital records and only for VAT purposes.
- From 2020 – businesses will not be asked to keep digital records or update HMRC quarterly for other taxes. Formerly this was 2018.
- Small businesses will be able to file digitally on a voluntary basis for other taxes.
This revised timetable will give everyone that extra bit of breathing space to become fully prepared.
In the meantime why not look at having your business on cloud accounting software sooner, it can only be of advantage to you. Not only does it save you huge amounts of time but you will also be ready when your business needs to comply with MTD.
If we can help give us a call on 01435 898180.