On 31 January 2017, HMRC published the outcome of the consultation on bringing business tax into the digital age.
Making Tax Digital (MTD) will mean digital record-keeping and making quarterly updates for most self-employed individuals and businesses, followed by year-end finalisation of trading results.
MTD obligations start with effect from the first accounting period beginning after 5 April 2018 for landlords, self-employed and partnership businesses. Limited companies will be required to report digitally from April 2020.
We are currently moving all of our client VAT work to digital systems to comply with MTD and have partnered with KashFlow Accounting Software to provide a cloud based accounts package for our clients.
If you complete your own records throughout the year and would like help setting up digital record-keeping please get in touch, the sooner the better!
You can register for a free 2 week trial of KashFlow through our website at http://www.crowther.co.uk/kashflow/
For more information on MTD see the ICAEW website at http://www.icaew.com/en/technical/tax/making-tax-digital/mtd-for-businesses