Under MTD, HMRC suggests that all individuals and small businesses will have access to simple, secure and personalised digital tax accounts.
By 2020, HMRC state that the tax return will have been abolished and that most businesses, self employed people and landlords will need to keep records digitally and will update HMRC more frequently than is currently the case. These reforms will not apply to unincorporated businesses and landlords with an annual income of below £10,000.
Businesses will begin to fall within the requirement to keep digital records and make regular updates for income tax and NIC from April 2018
If you need help to become digital and keep digital records please give the office a call on 01280 875250 for more information