Making Tax Digital (MTD) in 2017
Making Tax Digital is the Tax Office’s vision for the future.
They want to be a world leader in tax administration!
The simplest way to think of it? Online Banking for Tax
Where you have own account and you log in and do what you need to do.
They did try creating software, but it looks like they have given up on that one.
Manual bookkeeping should be no problem.
The most likely scenario? To enter your figures every 3 months. Not until 2020.
If you pay VAT or have staff? You will need to do it quarterly along with your VAT returns, but still not until 2018.
Right now, you don’t need to worry about it.
Just know they are making changes, so worth keeping up to date.
Follow my blog and I will keep you up to date.
The Tax Office should notify you by letter when it affects your business.
So don’t worry about it and carry on doing your books, however you do them.
Thank you for reading, Jenny