Making Tax Digital - Are you ready??
- The way that you report your business profits to HMRC is changing.
- From April 2019 VAT registered traders will have to report to HMRC under a new Making Tax Digital reporting method.
- From April 2020 the self assessment tax return is being replaced by five new reporting obligations made during and after the tax year.
- Your first tax return under the new system is due in the fourth month of your accounting period, you will then have to file with HMRC every three months.
- If you are not already using software for your record keeping/ accounting, you will need to learn how to use a spreadsheet, or some type of accounting software or App.
- You will need a reliable internet connection and a facility to store your electronic data.