MONDAY TO FRIDAY 10:00 > 17:00
Maddison Accountancy Services Ltd
18 Grousemoor Drive,
Ashington, NE63 8LU
This is HMRC [HM Revenue & Customs] flagship change.
For my clients, and prospective clients, who are under the VAT threshold and with a turnover exceeding £10k, this will become a requirement on 1st April, 2020. However, I recommend that we move to digital accounting 1 year before, so that the change-over can be smooth. No longer will you have 10 months to complete your returns but will have to complete quarterly returns within 1 month of the quarter end.
You will acknowledge that my fees will have to rise, as I will need to do 4 returns not one and anticipate having to complete your accounts on a monthly basis and with a monthly fee.
However, there is an upside to this, as you will be able to access ongoing monthly updates as to how well your business is progressing.
For those whose accounts are under the £10k threshold, HMRC have stated that you won't be subject to MTD but have also said that self-assessment will cease. We will need to await their confirmation as to what will be required of these businesses.