27th July 2018
HMRC’s Making Tax Digital initiative will be the most significant change to the tax system for taxpayers and their advisors since the introduction of self-assessment. With 8 months to go, people's awareness of this huge change is still very limited.
By April 2019, all VAT registered businesses with a turnover above the £85,000 VAT threshold will need to provide quarterly information electronically to HMRC. This goes beyond online VAT filing - the exact details are still to be confirmed by HMRC pending the results of their MTD pilot this year.
It is hoped that by 2020 or shortly after, all other forms of tax will be mandatory for MTD, so anyone who completes a tax return will be affected.
We at Evans are working closely with partners to deliver an effective MTD solution to all our clients. Please give us a call or email if you would like to know more.