MTD represents the most significant change to the administration of the UK tax system since the introduction of PAYE in 1944.
By Martin Tomes at HSKS Greenhalgh
MTD will affect all businesses, including rental business (and individual landlords), with gross turnover exceeding £10,000 per annum.
MTD will require businesses to maintain records in a digital format and file quarterly submissions of financial records to HM Revenue & Customs. The timing of when each business must comply with the new MTD requirements will be dependent upon business structure and turnover. The first businesses must comply from April 2018.
If you, or your agent, have yet to consider the implication of these new requirements and how you are to meet them, you should do so as soon as possible.
Please contact the HSKS Greenhalgh MTD team via www.hsksgreenhalgh.co.uk if you would like further details.