The Spring Statement contained information for businesses wondering when they will need to be ready for Making Tax Digital (MTD) for taxes other than VAT.
Until recently, the official line was that the rollout of the UK’s digital system would be confined to VAT until April 2020 at the earliest.
Now, a change to this wording seems to suggest that MTD will not apply to any further taxes until 2021.
April saw the launch of MTD for VAT, which requires VAT-registered businesses with a turnover of £85,000 or more to keep digital records and make quarterly digital returns using HM Revenue & Customs compatible software packages.
In practice, this means they may need to use a cloud accounting platform for record keeping and filing.