Are you ready for Making Tax Digital?
30/05/2018

Making Tax Digital for Business is due to begin in April 2019.  While this might seem a long way away, it does mean that any business which has a turnover above the VAT threshold (currently £85,000) will need to have appropriate software for their finance records.  You will no longer be able to use a manual VAT system or the Government gateway to file your VAT return.

Some of the timings have changed from the original announcement, so to help clear up any confusion here is the latest timetable:

Taxpayer type

Original transition to the new digital regime

Current plans for transition to the digital regime

Individuals with trade or property income (with an annual turnover of more than £85,000)

For income tax

Periods commencing on or after 6 April 2018

For income tax

Not until “at least 2020”

Individuals with trade or property income (with an annual turnover of more than £10,000)

For income tax

Periods commencing on or after 6 April 2019

For income tax

No start date given

VAT registered businesses

For VAT

Periods commencing on or after 1 April 2019

For VAT

Periods commencing on or after 1 April 2019 (and only for those with a turnover of more than £85,000)

Corporations

For corporation tax

Periods commencing on or after 1 April 2020

For corporation tax

Not until “at least 2020” (and only for those with a turnover of more than £85,000)

At Wilson Bott we have experience in a number of different systems and can advise you on selection and setting it up in your business.  Call us on 0121 474 2683,  send us an email, or visit our website for help.


If your business falls into the third category, and you do not use any bookkeeping software, you will need to select a system and install it before the end of March 2019.  In practice this is usually easiest to do around the end of your financial year.

You can find out more about the Making Tax Digital for Business programme at the  HMRC website.


Contact us

528a Haslucks Green Road
Majors Green
Solihull
West Midlands
B90 1DS

0121 474 2683

info@wilsonbott.co.uk

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