Making Tax Digital

The government had plans for all businesses to have to have digital accounting records only (no paper records) and for them to be compatible with the tax man’s software. Also all businesses were to be required to file tax returns quarterly and not just annually.

Click on Tax Changes Coming Soon for a UK Gov announcement dated 13 July 2017 on 'Making Tax Digital'.

Now, only businesses with a turnover above £85,000 will have to keep digital records and only for VAT purposes

  • they will only need to do so from 2019
  • businesses will not be asked to keep digital records, or to update HMRC quarterly, for other taxes until at least 2020
  • Businesses and landlords with a turnover below £85,000 will be able to choose when to move to the new digital system - it will be voluntary for these sized businesses

KCI will provide our clients with tailored and updated information on future developments