Making tax digital – update
As we reported in July 2017, the government’s “making tax digital” (MTD) plans have been put on hold. However, from April 2020 businesses and landlords with a turnover below £85,000 could be required to keep digital income tax records and report them to HMRC quarterly.
HMRC has taken advantage of the extra time to continue testing a pilot of the digital service on a small scale with businesses, agents and software developers. The pilot service will continue to be developed on an interactive basis, and those with income from property will soon be invited to take part in the pilot, if they wish to do so.
HMRC is also working with the software industry to ensure a range of MTD compatible software will be available. The current list can be found here. There are a number of other products at various stages of development so HMRC will continue to add to this page as new products are ready.