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.