MAKING TAX DIGITAL - Big Changes!
from MARSLAND NASH
Making Tax Digital (MTD) is an initiative from HM Revenue & Customs, and it is the biggest change for you and us in the way we deal with bookkeeping, accounts and tax returns for over 20 years.
Please use these pages to keep informed of the developments for MTD as they progress, and the support we will be offering clients within our services. These pages will be continually updated so please keep an eye on them.
The implications for businesses and individuals are significant, and in most cases we are all going to have to make fundamental changes in the way we deal with our affairs. However due to recent government changes to the programme of implementation of MTD, introduced in July 2017, the first relevant date that businesses will need to consider MTD is now April 2019, as opposed to April 2018 as it was before the recent changes.
In extremely simple terms, HMRC want businesses to report their accounts and tax information to them on a quarterly basis rather than annually, so they have a “real time” picture of your transactions and likely tax liability. Their aim is that this will also see the end of the Personal Tax Return, as they intend to collect the information required digitally via the MTD returns rather than via the annual tax return process.
As a result of the recent July 2017 government changes, we are putting together separate MTD pages for our website, which will enable you to select the business type relevant to you, and focus on the issues that will affect you, rather than getting bogged down with all the details. Watch this page for these additional pages which will be available very soon!
Please feel free to call us to discuss MTD and how it is likely to affect you.