Stopfords
Stopfords

Making Tax Digital Update

Date:
Category:
Latest News

We have received the news that the plans for Making Tax Digital were changing. Summarised here below are the key points as follows: –

  • Businesses with a turnover greater than £85k will need to keep digital records from 2019 this was previously 2018
  • Businesses with turnover greater than £85k will not be expected to report data quarterly to HMRC until at least 2020 this was previously 2018
  • Any business/landlord can now voluntarily keep digital records and report data quarterly to HMRC from 2018 this was mandatory from 2018/19 depending on the threshold.
  • Businesses/landlords with turnover less than £85k will no longer be required to keep digital records or report quarterly to HMRC on a mandatory basis.

For more information about the next steps for Making Tax Digital please click here. Or alternatively please do not hesitate to give the office a call to discuss 01623 420269.

Related news

A recent VAT Tribunal had to decide whether two hairdressing businesses should be treated as a single business for the purposes of VAT Registration.

View article about One Business or Two for VAT?

In order for an expense to be deductible against business profits it must be incurred ‘wholly and exclusively’ for the purposes of the trade.

View article about Motor Racing Sponsorship was Tax Deductible

What our clients say