Posted 1 year ago by Gidon
An important announcement regarding the MTD timetable was made on 13 July 2017. As per the HMRC website:
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.
As VAT already requires quarterly returns, no business will need to provide information to HMRC more regularly during this initial phase than they do now.
All businesses and landlords will have at least two years to adapt to the changes before being asked to keep digital records for other taxes.
AccountsPortal will continue to work with the HMRC to ensure we deliver feature that are fully integrated with the government's MTD solution. Our intention is to provide this functionality ahead of the new timetable requirements and we will provide more information as we get closer to release.