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Making Tax Digital -HMRC launches its six consultations!

HMRC has now launched its consultation on Making Tax Digital and the aim is to implement this by 2020.

The proposals include digital record keeping and quarterly reporting for business.

End of year statements will be due within nine months of the end of the reporting period and will replace the current self-assessment annual tax returns.

Quarterly updates will be required from most businesses, although the digitally excluded and  those with turnover below £10,000 are exempt.

Even if they are not exempt however, HMRC stress they will take a pragmatic view to moving businesses onto the digital platform.

You can access the consultation documents here