Towards the end of last week, HMRC announced significant changes to the roll-out of its Making Tax Digital scheme (MTD). Businesses will not be asked to keep digital records, or to update HMRC quarterly, for other taxes until at least 2020. Only businesses with a turnover above the VAT threshold 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 update HMRC quarterly for other taxes until at least 2020, instead of 2018 as originally proposed. 
Small businesses will be able to file digitally on a voluntary basis, meaning that those with turnover below the VAT threshold will be able to choose when to move to the new digital system.If you have any queries regarding MTD, please do not hesitate to get in touch: info@chartaccountancy.com 
Tagged as: Making Tax Digital
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