Since last informing our clients of the impending introduction of Making Tax Digital, the Governments’ plan to introduce digital financial reporting by all businesses on a quarterly basis to H M Revenue and Customs, further clarification and changes have been announced. The purpose of this newsletter Is to update you on those latest developments. The Spring Budget confirmed that Making Tan Digital is to commence from 6. April 2018.
The first businesses to be affected will be the self-employed or landlords with income (turnover not profit) in excess of the Vat threshold —currently £85,000, with an accounting period commencing on or after 6u April 2018.
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