Making Tax Digital (MTD) - IMPORTANT UPDATE
The Government announced on 13 July 2017, that it has listened to many professional bodies and the Treasury select committee, and has set out a new Making Tax Digital (MTD) timetable under which:
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
MTD 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.
HM Revenue & Customs has said it is fully committed to supporting businesses in this transition. Its revised plans will allow for well over a year of testing before any businesses are mandated to use the system.
robinson+co believe that the future for record keeping is definitely going to be digital, and for many businesses, large and small, would see great benefits from moving to cloud based accounting systems. As robinson+co are sage one software accredited advisers we are best placed to help you move or update you present record keeping in readiness for MTD, as well as streamlining your processes.
For more information on Making Tax Digital, please contact Tax Partner Brett Bennett on 01900 603623 or firstname.lastname@example.org
For more information on cloud based accounting systems, please contact Sage and Accounts Manager Tracey Kennett on 01946 692423 or email@example.com