Is Making Tax Digital (MTD) still happening?

As you all know, MTD was the buzzword in the world of accountancy, right up until the General Election was announced, and it was withdrawn from the Finance Act. 

It was speculated that this meant it had disappeared, but our team carried on working behind the scenes, looking at which of our clients would be impacted and when, so that we were ready and waiting for  the announcement that it was all back on track.  It’s still not official, but last week we were tipped the wink that a Finance Bill would be put before Parliament in July and that MTD would be included.  Sure enough the Finance Bill was announced the next day.  Whilst it is still speculation, we have been “advised” that the Bill will include MTD with all of the original dates of introduction.

As a quick reminder, these are:

  • April 2018 – unincorporated businesses and landlords with turnover over the VAT threshold (currently £85,000).  Please note that there is a turnover limit of £10m for partnerships.
  • April 2019 – unincorporated businesses and landlords with turnover below the VAT threshold, but over £10,000
  • April 2019 – ALL VAT registrations
  • April 2020 – All incorporated businesses, and partnerships with turnover over £10m

So to put your mind at rest, our team are working on it, and will be in touch with those of you who will be affected first very soon.

However if you would like to get a head start and are considering your options with cloud accounting please speak to your usual Dodd & Co contact or call Kristina Gash on 01228 530913 to arrange your free initial consultation. You can find out more about what it is and how it can help you here.

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Dec 13

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