Making Tax Digital
What is the time frame for the changes and who is going to be affected?
To summarise, HMRC have given the following key implementation dates which are currently set in stone:-
- From April 2018, all VAT registered landlords, self-employed persons, partnerships will have to report on a quarterly basis directly through to their digital tax accounts, using approved software.
- From April 2019, all VAT registered businesses will have to report their returns to HMRC via approved software. A business will not be able to submit VAT returns via the Government Gateway.
- From April 2020 Limited companies will report to HMRC on a quarterly basis. More detailed information is due regarding these changes in the Spring of 2017 and July 2017.
Please note important: The Government has recently received a lot of pressure from the finance media and accounting bodies such as ACCA and the ICAEW to provide more detailed information regarding MTD, or to possibly delay the implementation of the legislation. As and when we receive confirmed updates we will let you know via our Blog.
In the meantime we enclose a copy of the official MTD timeline from start to finish as it currently stands.