New tax timetable confirmed

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THE Government has confirmed a new timetable for Making Tax Digital.

MTD is a £1.3bn investment programme for HMRC to become the most digitally advanced tax administration in the world.

Under the new timetable, as of 2019, only businesses with a turnover above the VAT threshold will have to keep digital records and only for VAT purposes

Businesses will not be asked to keep digital records or to update HMRC quarterly for other taxes until at least 2020.

Financial secretary to the Treasury and Paymaster General, Mel Stride MP said: ‘Businesses agree that digitising the tax system is the right direction of travel. However, many have been worried about the scope and pace of reforms.’

‘We have listened very carefully to their concerns and are making changes so that we can bring the tax system into the digital age in a way that is right for all businesses.’