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Taxing times for businesses

By Peter Reynolds

 The UK tax system will soon undergo a fundamental shift which will have huge implications on almost all businesses and landlords. 

From April 2018 all but the smallest of businesses and landlords will have to move into the digital age under HM Revenue and Customs’ ‘Making Tax Digital’ (MTD) programme. 

In short this will involve businesses and landlords keeping their accounting records on software packages and making quarterly uploads to HMRC. Although initially there are no compulsory changes to tax payment dates, this will surely follow. 

MTD is set to apply to all but the smallest of businesses and landlords (currently those with gross incomes under £10,000), and quarterly ‘updates’ will have to be sent to the Revenue direct from the software, as well as the normal annual return. 

It will, unfortunately, represent a significant additional time commitment and cost for virtually everyone. 

 

More detail: 

 

Our comments: 

What you need to do: 

Peter Reynolds is based in the Ludlow office of Dyke, Ruscoe & Hayes, where he is a director

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