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Making Tax Digital, without the jargon.

A short guide covering what's changing, who it applies to, the dates that matter and what you should have in place before then.

The short version

What is Making Tax Digital?: HMRC's programme to move tax reporting online. Instead of one annual return, affected businesses keep digital records and send updates to HMRC through compatible software.
Does it apply to me?: It already applies to VAT-registered businesses. It is being extended to sole traders and landlords by income level, so the threshold that catches you depends on your turnover.
What do I need to change?: Paper records and standalone spreadsheets won't be enough on their own. Records need to be kept digitally in compatible software such as Xero or QuickBooks.
What happens if I ignore it?: HMRC operates a points-based penalty system for late submissions. Getting set up early is far cheaper than catching up later.

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