From April 2019 new legislation will force most types of business to keep track of their tax affairs digitally and update HMRC at least quarterly via a digital tax account.
This will be the most fundamental change in the way we report to HMRC since ‘Self-Assessment’ was introduced in the 1996/97 tax year, so individuals and businesses must make sure they are prepared.
The increased frequency of reporting will inevitably cost taxpayers time and money. However, it should also bring some benefits, provided your accountant embraces change and can advise you on your best accounting software options for digital reporting.
Don't underestimate what is required - see HMRC MTD guidance - and don't leave it too late.
Give me a call today if you need guidance.
For MTD updates, see:
'MTD - Is your software up to the job?' https://suttonstax.co.uk/blog/post/mtd-your-software-job
'MTD - the April 2019 turnover threshold' https://suttonstax.co.uk/blog/post/mtd-april-2019-turnover-threshold