Did you know that just as businesses are getting over the huge cost and upheaval from the Automatic Enrolment regime HM Revenue and Customs (HMRC) are introducing ‘Making Tax Digital’ (MTD)Whilst the final details are yet to be finalised, the 2017 Spring Budget saw the announcement that in essence from April 2018 sole traders and landlords with an annual turnover above the VAT threshold (currently £85,000) will be required to submit summary business data to HMRC each quarter.
From April 2019, those with a turnover over £10,000 will also be required to meet these new filing obligations.
Although there may be a few limited exemptions, businesses will have to use digital tools, such as cloud or desktop software for their accounting systems to enable them to meet these new obligations.
HMRC have confirmed they will not be providing their own bookkeeping/accounting software which means that you will have to choose your own accounting solution.
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