Making Tax Digital (MTD) is an initiative by the Government to turn the UK into one of the most digitally advanced tax administrations. The proposals are far reaching and will ultimately affect all taxpayers.
Under the MTD reforms, businesses will be required to keep digital records and report digitally to HMRC each quarter.
MTD is being introduced gradually and will apply from April 2018 to unincorporated businesses and landlords with turnover in excess of the VAT registration threshold – set at £85,000 from 1 April 2017. This is less than a year away and does not allow very long to get systems in place to meet the requirements which MTD will impose.
Unincorporated businesses and landlords should discuss what MTD means for them sooner rather than later. Please contact us to ensure that you are ready by April 2018.