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Tax and Accounting Services for SME

MTD for Business

Making Tax Digital was a concept first announced in the March 2015 Budget. At that time, the government set out the vision for a transformed tax system and the end of the tax return. Having listened to the concerns of businesses, the government has announced a revised implementation timetable.

From 2019, businesses with turnover above the VAT threshold will have to keep digital records for VAT purposes.  For other taxes, quarterly updates and digital record keeping will not start until at least 2020, although MTD will be available on a voluntary basis.

From its inception, MTD has given rise to uncertainty, but it is without doubt that the tax environment is changing.