The Treasury has announced a delay in the start of Making Tax Digital and while this might have been seen by many as a welcome postponement, it does not mean that Making Tax Digital is going away. It does however give us a little time to breath, to assess and to review your recording keeping to get ahead of the changes.
Making Tax Digital is the largest revision to the tax system since the introduction of self-assessment and will impact every business and landlord in the UK. It will see the mandatory use of electronic recording keeping, with quarterly updates to HM Revenue and Customs.
And while this will be a massive change for most, it should allow for more accurate records to be kept. The best advice we can give anyone who is not currently using a digital record keeping system is to think about moving over to software now so that come April 2019 all you have to do is click a button to send your information to HMRC.
When it comes to software there are a lot of options available and I would suggest that you speak to us before making an investment so we can advise on the best option for your business.Share