Making Tax Digital
The government is due to implement its Making Tax Digital (MTD) initiative in the coming years, which it hopes will create a ‘transparent and accessible tax system fit for the digital age’.
The new regime will see taxpayers eventually move to a fully digital tax system, with businesses and individuals required to register, file, pay and update their information using a secure online tax account by 2020.
From 2019, businesses with turnover above the VAT threshold of £85,000 will be required to keep digital records for VAT purposes only. As VAT registered businesses must already submit quarterly returns, during this initial phase they will not need to provide information to HMRC any more regularly than they do currently.
Coates and Partners can assist businesses in making full use of this new system, and can provide advice and support in regards to the information required by HMRC.
We will also be keeping up to date on the latest developments in relation to MTD.
Please contact us for more information.