Author: JP / / Latest News
We have received the news that the plans for Making Tax Digital were changing. Summarised here below are the key points as follows: –
- Businesses with a turnover greater than £85k will need to keep digital records from 2019 this was previously 2018
- Businesses with turnover greater than £85k will not be expected to report data quarterly to HMRC until at least 2020 this was previously 2018
- Any business/landlord can now voluntarily keep digital records and report data quarterly to HMRC from 2018 this was mandatory from 2018/19 depending on the threshold.
- Businesses/landlords with turnover less than £85k will no longer be required to keep digital records or report quarterly to HMRC on a mandatory basis.
For more information about the next steps for Making Tax Digital please click here. Or alternatively please do not hesitate to give the office a call to discuss 01623 420269.