Making Tax Digital

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Making Tax Digital

Postby abctech on Tue Sep 04, 2018 4:33 pm

Summary: We are working on adding the functions to ABC Accounts to allow for Making Tax Digital, so ABC will be ready when this is required.

More Detail: The Government plans to make all businesses have computerised accounts and submit all their details to HMRC regularly; this scheme being called Making Tax Digital (MTD). Implementing this is a HUGE technical challenge, and (as predicted) the start date has been postponed. The complications of Brexit are now also requiring a lot of HMRCs resources. Full MTD is unlikely to be forced upon you before 2022. Possibly as a face-saving exercise MTD for VAT is announced to be compulsory for April 2019. After reading what accountants and technical advisors say, we predict that before April 2019 the MTD will either be postponed again or made optional. At this time (September 2018) MTD will not be mandatory for VAT registered businesses with turnover less than the VAT threshold (£85,000). In common with hundreds of other software developers we are having to spend a lot of time and money preparing ABC for MTD so it is ready when it becomes necessary for you to implement it.
(There is no question about ABC that we can't answer :-)
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