To the surprise of many, the rollout for Making Tax Digital (MTD) for businesses has been pushed back to 2020. Those above the VAT threshold will have to start filing with MTD-compatible software from April 2019, but small businesses below the threshold “will not be asked to keep digital records, or to update HMRC quarterly, for other taxes until at least 2020,” the Treasury said. It would seem that HMRC will now be encouraging people to opt into MTD, rather than compelling people to use it.
As a Lewis Ballard customer, you will know that we like to stay at the forefront of technological changes, so you really couldn’t be in safer hands.
As we already encourage our clients to utilise our cloud accounting packages as much as possible, this will be a relatively pain-free change for many. And, of course, we’ll be here to guide you through every step of the way.