Making Tax Digital
Many had commented that the timescale for implementing Making Tax Digital for Business (MTDfB) would have to be pushed back from its ambitious April 2018 launch date, given the government seems to have rather a lot on its plate in this post-election, pre-brexit period.
That has now been confirmed by ministers who have announced a new timetable for MTDfB. This is good news for businesses concerned that these changes were being rushed in and were worried they may not have time to adapt.
The key headlines are:
- The first businesses that will have to comply with keeping digital records and quarterly reporting are those who are completing quarterly VAT returns. The additional requirements start from April 2019 for these businesses only.
- The very earliest that other businesses will have to comply with MTDfB will be from April 2020
- To help smooth the transition into the new system, businesses can voluntarily enter MTDfB earlier, if they wish.
If you would like to discuss how any of the above may impact your business or future plans, please contact us at firstname.lastname@example.org – 01904 464 100.
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