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Making Tax Digital delayed until ‘at least 2020’

The government has delayed its Making Tax Digital (MTD) plans for an estimated 3 million small businesses and landlords.  

MTD will initially be available on a voluntary basis, so businesses with an annual turnover below the VAT threshold (currently £85,000) can choose when to move to the digital accounting system.

Under the new timetable outlined by HMRC:

  • only businesses with a turnover above the VAT threshold will have to keep digital records (for VAT purposes only) from 2019
  • businesses and landlords will not be required to keep digital records, and update HMRC quarterly, for other taxes until at least 2020.

As VAT already requires quarterly returns, no business will need to provide any more information to HMRC more regularly than they do now.

All businesses will have at least 2 years to adapt to the changes before being asked to keep their tax records digitally.

These changes are expected to be passed through Finance Bill 2017, which is set to be announced sometime after parliament returns on 5 September 2017.

Mel Stride, financial secretary to the Treasury and paymaster general, said:

“We have listened very carefully to their concerns and are making changes so we can bring the tax system into the digital age in a way that is right for all businesses.” 

Mike Cherry, chairman of the Federation of Small Businesses, added:

“This promises to make the rollout far more manageable for all small firms.  

“We look forward to receiving more detail from the Treasury on requirements for those small firms above the threshold that will have to comply from 2019.”

Contact us to discuss your digital accounting needs.

Why Clients Choose Easy Accountancy

Easy Accountancy offers a low cost, fixed fee accountancy package with all clients receiving their own dedicated, friendly, approachable accountant.

All of our accountants specialise in providing accountancy services to the self-employed, freelancers, sole traders, small to medium sized limited companies and private individuals. All accountants are employees of Easy Accountancy and we never outsource or offshore work.

Our low cost, all-inclusive fixed-fee accountancy service includes unlimited access to your own dedicated accountant throughout the year and covers all your business and personal tax affairs needs.

All our accountancy services include:
  - Unlimited access to your accountant
  - Ongoing advice on how to manage your business
  - Proactive tax advice throughout the year
  - Updates and reminders so you'll never miss a deadline
  - Free bookkeeping software

As a sole trader our fees start at just £60 + VAT a month, for this you receive the above plus:
  - Completion of your Self-Assessment tax return
  - Advice on how much Income Tax to pay
  - Guidance on National Insurance contributions

As a limited company our fixed fee packages are bespoke to your needs, however typically you’ll receive the above, plus:
  - Completion of your year end accounts*
  - Completion and submission of your annual return Companies House
  - The director/s Self Assessment tax return
  - Payroll bureau
  - Dividends and corporation tax computations

We’ve saved our clients up to half on their accountancy bills – if you’d like a quote, click on the quote me button to the right of this page. Alternatively, call us on 01442 275767 or email newbusiness@easyaccountancy.co.uk.

*If you would like us to complete your company year end accounts we simply ask that you have been a client of Easy Accountancy for one year or have made 12 monthly payments.