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In the Mail on Sunday today.
Only partially correct. It is still subject to finalisation and starts to go forward, and will be phased in, at the earliest from April 2018 to 2020 (like Pensions staging).
There is no requirement to store invoices and receipts digitally, so shoeboxes will be ok. Spreadsheets or Free HMRC software will be available for Accounts submission when it does come in...(they haven't even started the Pilot scheme yet which was due to start this Quarter as far as known). Anyone using an Accountant or doing online will already be familiar with this approach anyway
See HMRC
And here (probably best source of updated info)
Here are links to the original discussions on LJN, which resulted from 2015's Budget:
http://landscapejuicenetwork.com/forum/topics/budget-2015-good-news...
http://landscapejuicenetwork.com/forum/topics/petition-against-tax-...
This was the last update from our Accountant's Newsletter late last year:
Making Tax Digital
The government published their responses to the six consultations on making tax digital (MTD). In response to the consultations the government have decided the following:
Do you know if this will this apply to the self employed? And given the track record of HMRC on everything they do, I firmly expect a health dose of chaos all round...
Yes, almost 99.9% certain unless your t/o is less that £10k (there's a bit more HMRC detail in link above), although they seem to mention there will be 'allowances' for those that can't submit digitally (!!)....
Chaos, HMRC, Tax...not often 3 words you see in one sentence :D
Bugger. Oh well, time to buy a new computer to deal with this, and then offset the cost against tax as it will clearly be for business use. And as one of the rural broadband disadvantaged (0.75MB on a good day), I will need to offset the costs of laying fibre to my house. Every cloud...
I just spoke with my accountant about this issue yesterday. He informed me that the general concenses amongst accountants is that HMRC are not ready yet and it will likely be pushed back...A bit like universal credit if i remember rightly. He said politically they, (the government) want to push it through regardless and if they mange to its going to be a mess, so the likelihood is that it will get pushed back. If like me you use an accountant then they will keep you informed when a concrete decision is made. However you can be sure it is coming.
hi chaps ,with this in mind can I ask which of the softwear you are using or planning on using, we are keen to take th plunge however I'm not sure which to go for ? I would love to know what your using.