What is making tax digital?
Making Tax Digital the a government’s initiative that sets out a vision for ‘a transformed tax system and the end of the tax return’ by 2020. The aim of the initiative is to make tax administration more effective, more efficient and easier for taxpayers, through the implementation of a fully digital tax system. It is hoped that this will mean it will be easier for individuals and businesses to get their tax right and keep on top of their affairs – meaning the end of the annual tax return for millions.
Businesses will not now be mandated to use the Making Tax Digital for Business system until April 2019 and then only to meet their VAT obligations. This will only apply to businesses who have a turnover above the VAT threshold (currently £85k per year) – the smallest businesses will not be required to use the system, however they can choose to do so voluntarily.
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