We’re very pleased with HMRC’s announced changes to the roll-out of its Making Tax Digital scheme, which was due to go live from April 2018.

The proposed scheme was far reaching and due to be implemented in a short timescale, however due to concerns from business owners, accounting professionals and software developers, HMRC have made a number of changes to the Making Tax Digital Scheme.

Government Gateway – Making Tax Digital

Businesses that trade above the VAT threshold will now only have to keep records digitally for VAT purposes and only from 2019.

Businesses will now no longer be asked to keep digital records or update HMRC quarterly for taxes other than VAT until at least 2020, instead of 2018 as originally proposed.

Smaller business will be able to file digitally for other taxes on a voluntary basis.

While we are skeptical of HMRC’s agenda we do believe that the taxpayer and the accounting industry should be given time to adapt to new methods of compliance regarding record-keeping.

At Courtley West, we are comfortable with all the popular cloud platforms for record keeping and so you can be assured that when the MTD (Making Tax Digital) scheme goes live, we will be best placed to support you.