Questions and Answers
What is Making Tax Digital?
I keep hearing about Making Tax Digital, but what is and will it affect me and my business?
Making Tax Digital is a Government project that will put all your tax information together in one online place, not unlike online banking.
Our tax system has been gradually embracing technology over time and this trend will accelerate under Making Tax Digital, which was announced in 2015.
On 13th July 2017, HMRC announced that it would be amending the original timeline for rolling out Making Tax Digital to give businesses more time to prepare for the changes once it completes a pilot scheme that began in April 2017.
The first to be affected will be small businesses and individuals with a turnover above the VAT threshold of £85,000, who will be required to keep digital records for VAT purposes from April 2019. Further roll-out of Making Tax Digital is expected to affect small businesses under the VAT threshold by 2020.
If you need more information and help getting your business ready for Making Tax Digital, call us today on 0191 374 1667.
Date published 3 Apr 2017
This article is intended to inform rather than advise and is based on legislation and practice at the time. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this article, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.Choose the right accounting firm for you
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