Making Tax Digital - The end of the Tax Return as we know it?
Tax has long been a paper-based system and it’s time for that to change. HMRC see the future of tax as app and online based.
Each UK taxpayer will have access to their own digital account where they can check their records and manage their details.
MTD has been rolled out in April 2019; this will initially only involve businesses and the self-employed who are above the VAT income threshold of £85,000.
The rest of the roll-out will continue with businesses registered for Corporation Tax reporting digitally from 2020.
Smaller businesses, with turnovers between £10,000 and £85,000, won’t need to worry about MTD until at least 2020, although you can opt-in from 2019.