HMRC has announced significant changes to the roll-out of the Making Tax Digital Scheme.
It was due to go live from April 2018 but the scope and timetable have been pared back because of concerns raised during the consultation process.
Now: Only businesses with a turnover above the VAT threshold will have to keep digital records and only for VAT purposes – from 2019.
Businesses won’t be asked to keep digital records or update HMRC quarterly for other taxes until at least 2020.
Another win is that small businesses can choose to file their returns digitally on a voluntary basis.
If you would like more information on this announcement please either contact me or visit HMRC’s guidance page.
