The Government have just announced a change to the Finance Bill which is good news for all businesses. The announcement is that Making Tax Digital will be delayed until at least 2020. However moving to digital records is only delayed and not abandoned.
This is therefore simply giving businesses breathing space to get themselves organised. It is therefore vital that all businesses take advantage of this breathing space and get their records moved into digital form.
The change to the rules means that all businesses who have to submit VAT returns will need to keep digital records from April 2019. We would emphasise that this is only for VAT.
Full blown quarterly reporting will not start until April 2020 at the earliest. So it may be later than that date but I wouldn’t bank on it. The main issue here is for businesses to get themselves ready for when it does become mandatory.
We recommend that all businesses of all sizes take advantage of the availability of digital record keeping. The main reason for doing this is not to ‘keep the taxman happy’ but to have records which are current and up to date so you can manage your business more effectively.
If you want more information on how to move your records into digital format or even more importantly how to get meaningful and effective reporting on your business then why not contact us.
Check out our other blogs or for more information on this or our other services please visit our website at www.reynoldsandco.co.uk or contact Nigel Reynolds at:
Telephone: 0333 210 1717