Making Tax Digital is part of UK Government’s plans to modernise the tax system. The plan is for every business to use apps and software to keep their records up to date, and file their tax returns online.
The original timetable for implementation has been delayed. Currently, only businesses with a turnover above the VAT threshold (£85,000) will be required to keep digital records from 2019 onwards, and only for VAT.
Other records, and businesses with lower turnovers, will be required to keep online records some time after 2019. We will keep you up to date with the timescales as and when they are announced.
Neal & Co already supports Sage One cloud-based accounting. By moving your accounts to an online package like Sage One, complying with the new regulations – whenever they happen – will be much more straightforward.
For more information about Making Tax Digital and online accounting, contact email@example.com