How will this affect you?

You the tax payer will be able to access a system and view your tax liabilities on one online dashboard, offset tax overpayments against underpayments and “check” instead of retrieve and input information. There will be a requirement for taxpayers to electronically report this information to HMRC on a quarterly basis. Whilst there will not be an immediate requirement to pay tax on a quarterly basis, many feel that this could be the next step.

HMRC scraps 2020 deadline for Making Tax Digital

Making Tax Digital for VAT will not be extended to any other taxes or business in 2020
as previously planned.

Chancellor Phillip Hammond said the scheme – which will see the majority of VAT
registered business record and send VAT returns digitally from April will not be
broadened until at least 2021 in order to give business more times to prepare

Cloud Accounting packages can assist, they already talk to HMRC software for filling of VAT returns and payroll real time information submissions, used to its full potential, MTD should have no great impact if we train your team and manage your accounts for you.