Ministers confirm a new timetable for Making Tax Digital

After lengthy lobbying from various professional bodies, MPs and the Treasury Committee, the timetable for Making Tax Digital has finally been extended.

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 and
• they will only need to do so from 2019.
• For other taxes, businesses will not be asked to keep digital records, or to update HMRC quarterly, until at least 2020

As VAT already requires quarterly returns, no business will need to provide information to HMRC more regularly than they do now until at least 2020.

Wright Vigar welcome this announcement which will allow a greater period for the new systems to be tested and piloted before becoming mandatory.  We are continuing to expand and develop our Cloud Accounting services so that we will be able to support clients, well ahead of Making Tax Digital becoming mandatory.

If you would like help and assistance with anything covered in this article, please do not hesitate to contact a member of the team at your local office who would be delighted to advise you.

New timetable for Making Tax Digital https://www.gov.uk/government/news/next-steps-on-the-finance-bill-and-making-tax-digital