The Government recently announced that the start date for digitalisation of the UK tax system has been pushed back to April 2019.
There has been intense lobbying from businesses and professional bodies (some on which Tony and Chrissie stand) and the concerns raised by the Treasury Select Committee regarding the pace of change. Whilst it is clear that MTD (Making Tax Digital) is here to stay, we welcome the news that our clients will be given more time to make the transition to the new digital tax system.
Under the Government’s new timeline only unincorporated businesses and landlords with a turnover above the VAT threshold (currently £85,000) will have to keep digital records and for VAT purposes only from April 2019. Businesses will now not be required to keep digital records for income tax until April 2020 at the earliest.
We will be contacting our clients that this will effect as we can assist you to prepare for the transition to MTD for VAT reporting from April 2019.
If you are not one of our clients you can still contact us for assistance and advice. We offer a complimentary 1 hour consultation to help you decide the correct way forward for you. Contact us at info@bennewith.co.uk