Making tax Digital Update

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Posted in: Technical Updates

 

 

The Government has responded to pressure from accountants and other interested parties and announced the delay of Making Tax Digital for Business to 2020 at the earliest.

 

Quarterly VAT reporting using the new system will be mandatory from 2019.

In a further U-turn, three million small businesses and buy to let landlords below the VAT threshold will now not be required to keep digital accounting records but will be able to move to the new system for keeping tax records at a pace that is right for them.  For such businesses, Making Tax Digital will be voluntary.

Mel Stride, the new Financial Secretary to the Treasury and Paymaster General, announced that the roll out for Making Tax Digital has been amended to ensure businesses have plenty of time to adapt to the changes.  Under the revised timetable:

  • only businesses with a turnover above the VAT threshold (currently £85,000) will have to keep digital records, and initially only for VAT purposes from 2019
  • businesses will not be asked to keep digital records, or to update HMRC quarterly, for other taxes until at least 2020

As VAT already requires quarterly returns, no business will need to provide information to HMRC more regularly during this initial phase than they do now.

All businesses and landlords will have at least two years to adapt to the changes before being asked to keep digital records for other taxes. This deferral will give much more time for businesses, supported by their advisers, to identify for themselves, at their own pace, the benefits of digital record keeping. It will also ensure that many more software products can be developed and tested before the system is mandatory.

 

Our thoughts on this? Never mind 2019 and 2020, if you are not already running digitally with us (over 90% of our clients are!) get in touch, its easier, faster, less stressful, allows us to provide faster and more clear help, faster reports for bank managers, lenders etc. etc. The benefits are fantastic and we have always been early adopters of all things digital

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A great service. So easy to keep accounts on track via on line service. I would recommend Middlers Accountants to anybody who has a busy schedule and wishes to take the stress of tax returns out of their life.

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I have found Middlers Accountants to be so approachable and easy to deal with. My business is a little different from the norm and they have been open and helpful to any questions that I have had. Highly recommended.

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They offer a good service and are always helpful and professional.

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Middlers Accountants are a professional, efficient and friendly service that have looked after my accounts and interests for a number of years and I strongly recommend them.

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Middlers are a friendly, approachable, knowledgable team that inspire total confidence in their services. Always there to answer any questions big or small, they are a pleasure to deal with!! Wonderful service!

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M White

First class accountants makes sure everything in order and friendly service

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R Higginson

Middlers are always there to help me with my business needs xxx

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J Ledger

Middlers have been my accountants since my companies inception. I've never had a problem and they have always delivered a first class service. They keep me informed of any relevant changes in tax laws and are always on hand to provide guidance and advice when required. I am extremely pleased with the service they provide and would highly recommend to anyone looking for a professional and courteous accounting firm.

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Middlers have worked for us to help sort inheritage; capital gains; income from property as well as the more mundane issues regarding earnings and pensions. They have always been efficient, friendly and have kept us "in the loop".

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M

Since we started the business in 2014, the Staff at Middlers have been helpful, patient and knowledgeable. They have always found solutions to our problems. Our Investors also came over to visit from Germany and were so impressed with the presentation of Management Information. Keep up the good work!

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L Turnbull

I went to Middlers as a new business not sure where to go with paperwork/ accounts they showed me the ropes and got me on track promptly.

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L Owen

Discovered through a recommendation from a friend as an accountant was needed for a business venture. Always friendly and approachable. Have been with Middlers for 4 years and am very happy to continue.

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N Marsden

Would highly recommend Middlers. Lynsey is very knowledgeable and always there to answer any questions etc. She always keeps us up-to-date on what is going on and it's nice to deal with a small family run company!

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B Dawson

Lindsey my accountant is very helpful instantaneous in dealing with my enquiries or problems I have would recommend middlers and have already recommended them before to new clients

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K Sanders

Super organised, great at explaining the complexity of accountancy to the untrained ear, and excellent value for money

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