There have been major changes to ‘Making Tax Digital’ that were announced by HMRC on 13th July 2017. The scheme was due to go live from April next year however, this has been put back because of feedback that HMRC received. The accounting profession, Parliamentary bodies, businesses and several accounting software providers felt that there was not enough time to get ready.
The new deadlines are as follows: –
- Businesses above the VAT threshold will have to keep digital records for VAT only from April 2019
- HMRC will now not need to receive quarterly tax information until at least 2020
- Small businesses can volunteer to provide details of their other taxes to HMRC
It is important that businesses still get prepared for ‘Making Tax Digital’ during the next year or so to ensure they are ready. Using online software is a key change that all businesses no matter how big or small will have to embrace.
If you need further advice about MTD or help in choosing the right software for your business please get in touch by calling 020 3633 1340, emailing us at firstname.lastname@example.org or by completing the contact box on our website www.cainandbeer.com.