Making Tax Digital – TIMETABLE UPDATE

An announcement has been made today on a new timetable for Making Tax Digital. The announcement can be read here.

The new timetable will mean that;

  • From April 2019, businesses with turnover above the VAT threshold (which is currently £85,000 a year), will start reporting quarterly through cloud based software to HMRC.
  • All over businesses will not need to start reporting quarterly through cloud based software until “at least 2020.”

This is at least some good news, as it will give businesses more time to prepare for the changes. When the election was called, large amounts of the finance bill were removed, which left some uncertainly as to what would happen with Making Tax Digital. The changes to the timetable will be legislated for as part of the Finance Bill 2017.

 

 

 

 

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