Making Tax Digital – What does this mean for you?

By 17th February 2017Latest News

Making Tax Digital (MTD) is the implementation of a fully digital tax system.  The overall aim is to make tax administration more effective, more efficient and easier for taxpayers.  If you’re unsure about what this means for you,  we’ve created a short video explaining everything you need to know.

How will the initiative be implemented?

Below is a timescale of the developments that are most relevant to business owners.

January – June 2017

New online billing system begins.

July – December 2017

Digital tax accounts show taxpayers an overview of their tax liabilities in one place.

July – December 2018

Most businesses, self employed people and landlords start updating HMRC quarterly for income tax and National Insurance obligations through accounting software.

2019

Most businesses, self employed people and landlords start updating HMRC quarterly for VAT obligations through their accounting software.

2020

Most businesses, self employed people and landlords start updating HMRC quarterly for Corporation Tax obligations through their accounting software.

For more in depth information, please contact one of our tax experts  today.

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