New Forest

14/07/2017

Digital Accounting Update

The way you pay your tax return will soon change under Making Tax Digital (MTD), which requires businesses, self-employed people and landlords to use digital accounting software to update HMRC on a quarterly basis.

MTD is due to be phased in from April 2018, although businesses with an annual turnover below the VAT threshold (£85,000 in 2017/18) are exempt until April 2019.

If your annual turnover is less than £10,000 you will not need to make quarterly updates.

It would be best to get in touch with an accountant to discuss how MTD may impact your reporting obligations.

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We are delighted to support the @WinchBizAwards in the Social Enterprise category, and to be taking part in the judging process. Good luck to all who enter! @hantschronicle @hantschamber @WinchesterBID #WBEA19

The Office for Tax Simplification has called for the inheritance tax system to be digitised in an effort to save executors and administrators time when completing the complex paperwork https://t.co/ho3DLaSx6j

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