In July the Government confirmed delays for the Making Tax Digital timetable. The new timeline shows that only businesses with turnover above the VAT threshold (£85,000) will need to keep digital records and will come under MTD in 2019, with other businesses coming under MTD in 2020.

The New Making Tax Digital Timetable

• Only businesses with a turnover above the VAT threshold (currently £85,000) will have to keep digital records and only for VAT purposes. They will only need to do so from 2019.

• Businesses will not be asked to keep digital records, or to update HMRC quarterly, for other taxes until at least 2020.

• Making Tax Digital will be available on a voluntary basis for the smallest businesses, and for other taxes.