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.