Over the last few months, HMRC has made an announcement that they will not be introducing any additional tax requirements in 2020.
This does not mean that the Making Tax Digital changes will not happen. HMRC has been clear that it will. It is merely a matter of a further delay to the implementation for this change.
The current expectation is that it will be introduced in April 2021 or April 2022. We will keep you up to date as these changes are announced.
Even though there are delays in the introduction of the change to require you to maintain digital records, our advice would be to ensure that you are ready well ahead of these being brought in. This way you can be confident in the way you choose to keep your digital records.
If you require any assistance in setting up your bookkeeping records, whether it be a spreadsheet, QuickBooks Online or Xero we can assist.
October 9th, 2019