HMRC have had a lot of issues trying to implement their MTD (making tax digital) regime, and many people will be happy to hear that the timetable for the rollout has been delayed once again!
The revised timetable means that:
· Only businesses with a turnover above the VAT threshold (currently £85,000) will have to keep digital records, and only for VAT purposes. This will apply from April 2019;
· Business will not have to keep digital records or provide HMRC with quarterly updates for other taxes until at least 2020.
As VAT registered businesses already submit quarterly returns, during the initial phase, businesses won’t be required to provide any more information to HMRC than they do at present.
Further information on the new proposals can be found on the HMRC website.