Making Tax Digital (MTD) is a UK government plan to link end of the tax return with the information Hmrc have on their system and transform the tax system by 2020. The changes will apply to a wide range of taxpayers, including most businesses, micro-businesses, self-employed people and landlords, as well as individual taxpayers.
Making Tax Digital is intended to help you keep track of your taxes. Here are some of the objectives.
Spring 2019 – Businesses with a turnover above the VAT threshold will have to keep digital records for bookkeeping and vat purposes.
2020 – More businesses will be brought into the net. This is expected to affect small businesses under the VAT threshold as well.
The information provided above is based on current guidance from HMRC and may be subject to change.
Fast Tax Services Ltd - Accountants and tax consultants in Morden will work with you to prepare for Making Tax Digital. We have full understanding of what is required to manage your business records digitally. We will work with you to assess software need for your business and will help you with the implementation throughout the process.
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