A major change in the way tax is assessed and managed
As you may already be aware, HMRC is driving to build “a transparent and accessible tax system fit for the digital age”, and Making Tax Digital (MTD) is at the heart of these plans.
On 13 July 2017, HMRC provided an update as to the timeframe for Making Tax Digital.
Details of this are contained in our recent blog, however the main changes are as follows:
- Only businesses with a turnover above the VAT threshold (currently £85,000) will have to keep digital records and only for VAT purposes. They will only need to do so from 2019.
- Businesses will not be asked to keep digital records, or to update HMRC quarterly, for other taxes until at least 2020, instead of 2018 as originally proposed.
- Making Tax Digital will be available on a voluntary basis for the smallest businesses, and for other taxes.
Rawlinsons is fully committed to supporting clients through the transition to Making Tax Digital
We will continue to provide updates and reminders. We have also complied the most frequently asked questions from clients on MTD along with our expert answers – click here to read more.
For more information regarding Making Tax Digital, please download our free guide.
This guide explains who Making Tax Digital will apply to and how it will work. We will be adding to and updating the guide as and when more details are announced.
For further information on MTD, please contact Craig Tolliday: firstname.lastname@example.org