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Making Tax Digital – Are You Ready?

In 2015, HMRC proposed to move the recording of all tax to fully digital system which will affect all businesses no matter how large or small.

The scheme known as ‘Making Tax Digital’ will change the way that all businesses and landlords liaise with HMRC.

HMRC have moved the the implementation date and qualifying criteria back due to requests from Parliament, businesses and some of the online accounting software providers like Xero, QuickBooks and Sage. All parties felt that more time was needed to be fully ready for the changes necessary.

If you are a business or landlord with an annual turnover of £85,000 then you or your bookkeeper will need to record all your accounting transactions and file all Income Tax and National Insurance quarterly from 2019/20

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