Making Tax Digital
Making Tax Digital (MTD) will fundamentally change the administration of the UK tax system.
- only businesses with turnover above the current £85,000 VAT thresholdwill have to keep digital records and only for VAT purposes;
- they will only need to do so from April 2019; and
- businesses will not be asked to keep digital records, or to update HMRC quarterly, for other taxes until at least 2020.
This will impact businesses and tax advisers in how they electronically submit information to HMCE.