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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