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Businesses keeping digital records are already seeing the benefits, according to HMRC.
Agents who have already moved their clients to digital recordkeeping, say this, combined with time saved from correcting avoidable errors, is allowing them to spend more time on giving higher value advice, according to HMRC. Further, small business owners who have made the change have said it has enabled them to operate more effectively.
Businesses with taxable turnover above the VAT registration threshold will have to keep their records digitally from April 2019 and submit VAT returns using Making Tax Digital compatible software.
For more information, see HMRC’s tax agents blog, Preparing for Making Tax Digital (MTD) – the move to digital recordkeeping.
