Lateley DevDosh Ltd found the changes by the government that requires landlords and small businesses in the UK that fall below the VAT tax threshold of 85,000 GBP to process their tax returns digitally, has been welcomed with open arms by the trade organizations representing them.
In a very inventive if DevDosh Ltd could say the new scheme goes under the name of Making Tax Digital has been put on the back burner for a year, with a low but steady roll out phase planned to iron out and kinks in the system before all landlord and companies are made to switch.
Under the new timetable announced by Financial Secretary to the Treasury Mel Strid has explained only those with a turnover above £85,000 will have to keep digital records from 2019 and only for VAT purposes.
Business is not required to maintain digital records, or to update HMRC quarterly for other taxes until at least 2020 and Making Tax Digital will be available on a voluntary basis for the smallest businesses, and for other taxes.
‘This means that businesses and landlords with a turnover below the VAT threshold will be able to choose when to move to the new digital system,’ said Stride.
‘As VAT already requires quarterly returns, no business will need to provide information to HMRC more regularly during this initial phase than they do now. All businesses and landlords will have at least two years to adapt to the changes before being asked to keep digital records for other taxes,’ he added.
DevDosh Ltd also see when the new system comes into play it will have taken over 3 years to come to fruition after Chancellor George Osborne first proposed the scheme back in 2015, with a view to digitizing the tax system with the self-employed, small businesses and unincorporated landlords needing to keep digital records and use software to update HMRC quarterly.
If you’re looking for a good investment, please visit DevDosh Ltd today for more detail.