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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Middlers Reviews

5.00 Average

36 Reviews

M Hill Consulting LTD

Having use Middlers since I started my company 3 years ago - I couldn't rate them highly enough. They made the whole process of setting up my the business, managing VAT returns, corporation tax etc.. so easy and with limited overhead for myself. Their use of digital technology makes them stand out from the crowd and it has been great to see a local company grow into a fully established and trusted accountant.

Posted 3 days ago

P Motors Ltd

Very approachable, yet still professional, also very knowledgeable and up to date, have made our accounting process so much easier for us. Would have no hesitation in recommending them. Terri Adams

Posted 3 days ago

a

Most helpful, most friendliest accountants in the North East yet most informative and most professional in their region too.

Posted 4 days ago

p dove

the good thing about small family run business there find extra time to make sure there are there for your needs.any questions they have the answers pleased to have found them. cheers peter dove.

Posted 4 days ago

S wilson

Lynsey and Andy have always been at the other end of the phone for any advice/ guidence and always go above and beyond what is needed to make sure you and your business are successful.

Posted 4 days ago

D

Always there when u need them

Posted 4 days ago

J Beadle

We have been using Middlers for a couple of years now. The initial set up and training on the software was great, very clear and easy to understand. Any questions we have are answered quickly and explained well. Great service and happy to recommend to anyone.

Posted 1 week ago

G Bowler

Ive been with middlers for 3 year now and have found them very helpful and allways there for advice and help with an open door policy for me to call in whenver i need it .

Posted 1 week ago

L Richardson

I use this firm. They're the friendliest, most helpful people you could hope to meet.

Posted 1 week ago

D McCullagh

I have been using Middlers Accountants for a few years now after a recommendation from a friend and I couldn't be happier with the service they have provided.

Posted 1 week ago

Mr S Gibbins

I used Andy and Lynsey for my accountants , always helpful , always approachable and explain things in language a simple mechanic can understand . If there were 6 stars still not enough . Cheers

Posted 1 week ago

S fascialift

I have been using middlers from the start of middlers . Main reason is how helpful and approachable they are and relaxed way of doing my accounts as when i find myself very busy I can relax finding my paper side of my business is in safe hands . Would highly recommend middlers to everyone Regards shaun fascialift maintenance

Posted 1 week ago

G Hutchinson

Dealing with my business brilliantly for me

Posted 2 weeks ago

A Orr

My tax return was made super easy and stress free! Middlers are very helpful and professional. I would highly recommend them.

Posted 1 month ago

A

Being new to the concept of self-employment and to the tax returns process, I was i suppose naturally a little anxious about how to go about carrying this out and about the time and efforts involved. Lynsey and Middler's were professional yet welcoming, and made this such a smooth and seamless process for me. I would have no hesitation in recommending their services to anyone looking for a great accountancy service from start to finish.

Posted 1 month ago

D Thorburn

Quick and easy tax returns. Make my job alot easier. Lynsey is friendly and professional. Lovely accountants to work with.

Posted 1 month ago

M Skidmore

Great friendly service, everything that needed to be done was done and on time. Easily contactable and always helpful, would certainly recommend Middlers.

Posted 1 month ago

L Ltd

Excellent service from a friendly team. Always there to help 24/7. A massive help to our business. Thank you

Posted 1 month ago

N Shore Gifts

We have been with Middlers Accountants for over a year now after finding them on the web. We are very happy with the service they provide and are always there to help if we need them

Posted 1 month ago

G Ewing (Inspiral Cycles)

Middlers are very friendly professional and helpful. They are fully conversant with Xero (and many other digital tools) and do everything needed to keep me control of Inspiral Cycles' accounts, bookkeeping, tax, payroll, NEST pension, etc... Middlers helped to transfer me to Xero and to work in a way that fully exploits the benefits, reduces costs, and their bookkeeping support saves me time. Very highly recommended.

Posted 1 month ago

R Plews

Always efficient, professional and punctual. We couldn't be more happier with Middlers.

Posted 2 months ago