Making Tax Digital – next moves announced

HMRC makes new announcents about the impositon of this new system.

At the heart of it under the new timetable:

  • 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

Making Tax Digital will be available on a voluntary basis for the smallest businesses, and for other taxes.

This means that businesses and landlords with a turnover below the VAT threshold will be able to choose when to move to the new digital system.

Full text here ….

https://www.gov.uk/government/news/next-steps-on-the-finance-bill-and-making-tax-digital

 

Lord help us all.

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