Making Tax Digital (regularly referred to as MTD) has been introduced by the Government to make it easier for businesses and individuals to get their tax right and to keep on top of their tax affairs. Everybody that is affected by MTD will eventually need to file quarterly returns with HMRC, using some form of digital software.
Originally announced in the March Budget 2015, it is set to come into place from April 2018, when self-employed individuals and unincorporated landlords with a turnover of more than £85,000 will need to start using the new system.
From April 2019 VAT registered entities and self-employed individuals and unincorporated landlords with a turnover of £10,000 to £85,000 will need to start using the new system.
From April 2020 companies and complex partnerships will need to start using the new system.
From April 2017 individuals will be able to register with HMRC for MTD, using their Government Gateway account.
At the moment, we are still looking into the implications of MTD and how things will progress over the next year. We will be keeping an eye out for any changes that may occur, including details of planned legislation that is due to be released regarding MTD and also what software requirements and options will become available.
If you would like more information or wish to make an appointment, please contact us:
Phone: 07795 832597
or use the Contact Us page.