Making Tax Digital starts from April 2019 for businesses filing VAT returns who are over the VAT threshold of £85,000, from 2020 we could see Income Tax and possibly Corporation Tax being added for those with a turnover above £10,000 so that’s Landlords, Sole Traders, Partnerships and even possibly Companies reporting Quarterly with a special 5th Return to finalise their tax position.
This is a huge change! especially as in 2015 HMRC identified that 19% of the Self Employed are Digitally Excluded and 42% of the Self Employed need Digital Assistance.
Businesses and Agents will need new accounts with HMRC as the current gateways won’t work for Making Tax Digital and they will need to file using HMRC approved API software which will need to registered with HMRC every 18 months.
A new penalty system based on points is likely to introduced following the consultations in early 2018. There will also be a ‘Soft Landing’.
Are you ready for the changes?
Why not come to one of my seminars to find out what you need to do?
I have already done seminars in London, Southampton, Edinburgh, Cambridge, Birmingham and Bristol.
MBL have seminars arranged for
Leeds 13th July 2018
Manchester 31st July 2018
Bristol 24th September 2018
London 28th September 2018
Birmingham 16th November 2018
Glasgow 29th November 2018
More dates are expected to added and in house options are available, click on this link to find out more