Making Tax Digital (MTD) is coming and the way most businesses and individuals report their income to HMRC is set to change dramatically. Originally set to start in April 2018 for certain taxpayers, the starting date for MTD has been put back. From April 2019 VAT registered businesses will have to start keeping digital records and the exact form of these records will be made known in more detail over the coming months. For remaining businesses, companies and landlords quarterly reporting of income and expenditure under MTD will commence from April 2020.
Our staff at Harris Bassett have been actively involved from the start by taking part in the consultation process with HMRC. We are continually keeping abreast of the changing timetable for implementation and keep our clients fully up to date with developments as they unfold. We are already consulting with clients and offering help and guidance on accounting packages compliant with MTD so that when eventually MTD starts our clients are ready to comply.
If you would like to discuss or know more about Digital Tax then please get in touch with us using the following options: